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04 Researching the market - Pg. 47

47 C h A p T e r F o u r reseArChing The MArKeT very overseas market is different and it is essential to research your target markets before you start to promote and sell your products or services within them. To give yourself the best possible chance of successfully entering a market you need to understand both the market itself and how your product will fit into it. To do this, you need to carry out both market research and marketing research. Market research is research about markets. Marketing research involves not just collecting information about your markets but also analysing it in the context of the marketing of your products. Market research data consists of primary data and secondary data. Primary data is data obtained from primary sources, ie directly in the marketplace, either by carrying out field research directly yourself or by commission- ing a consultant or market research company to carry out the fieldwork for you. Secondary data is not obtained directly from fieldwork, and market research based on secondary data sources is referred to as desk research. e how to plan your marketing research Before you start to collect any information, you need to decide on your objectives and put together a plan for your market research. It is important to plan how you will do it to make sure that you obtain all of the information that you need. Much time, effort and cost can be wasted by starting an export market research project without defining the objectives.