Answer:
The two types of market research are:
i. Primary Research: The research done to get first-hand information, i.e. for the first time about a particular subject is known as Primary Data. It is also known as fresh data and is done by the researcher himself. In this case, the data is raw which makes it a very long and time-consuming process to draw inferences from it. This is a comparatively costlier way of conducting the research.
ii. Secondary Research: Secondary research uses information from the research conducted by other people. The required information is already published in public domain and is available directly for consumption. Since the data here is already available, this research does not take a long time. All that you have to do is collate, analyze and interpret the data. It is the faster and cheaper out of the two ways.
