Market research can be broadly categorized into primary and secondary research. Primary research involves collecting data firsthand through methods like surveys, interviews, and focus groups. Secondary research, on the other hand, involves analyzing existing data from sources such as market reports, academic journals, and industry publications. Both types of research provide valuable insights but differ in terms of cost, time, and depth of information.

Quantitative research focuses on numerical data and statistical analysis. It often involves large sample sizes and aims to quantify behaviors, opinions, or market variables. Methods include surveys and experiments. Qualitative research, however, focuses on understanding underlying reasons and motivations. It involves smaller sample sizes and uses methods like focus groups and in-depth interviews. Both approaches are essential in market research for providing a comprehensive understanding of the market.

Several tools and techniques are employed in market research to gather and analyze data. Surveys are one of the most common tools for collecting quantitative data. Focus group interviews provide qualitative insights by engaging a small group of participants in discussions. SWOT analysis helps in understanding the strengths, weaknesses, opportunities, and threats related to a business or project. Competitive analysis involves evaluating competitors to identify their strategies and market positions. Customer profiling and market segmentation help in identifying and categorizing different customer groups based on various criteria.

Market research plays a crucial role in formulating various business strategies. For instance, it aids in developing market entry strategies by providing insights into the target market's conditions and potential barriers. It is also instrumental in global branding strategies by helping businesses understand different cultural preferences and market dynamics. Additionally, market research supports audience targeting and needs assessment by identifying the specific needs and preferences of different customer segments. This information is crucial for creating effective marketing campaigns and product offerings.

In recent years, advanced techniques like consumer sentiment analysis and buyer persona development have become increasingly popular in market research. Consumer sentiment analysis involves analyzing social media and other online content to gauge public opinion about a brand or product. Buyer persona development helps businesses create detailed profiles of their ideal customers, known as Ideal Customer Profiles (ICPs). These advanced techniques enable businesses to gain deeper insights into consumer behavior and preferences, allowing for more targeted and effective marketing strategies.