If you are wondering, what exactly market research is, and what types of businesses require market research, then here is your answer. Primary Research Monitors the effectiveness of sales, existing business practices, the quality of services, and the tools used for communication. Additionally, it also assesses the current market competition by evaluating the business plans of your competitors. Secondary Research Collection of already published data to create a company database that helps in situation analysis. It devises strategies for benchmarking, and helps in determining the market segments that you should target. Here is why you should conduct business market research: Identify the problem areas in your business Identify new business opportunities and changing market trends Recognize new areas for expansion, and increase your customer base Discover potential customers and their needs, which can be incorporated into your services Make well-informed market decisions about your services and develop effective strategies