5 Questions
What is the main difference between primary and secondary data?
Primary data is collected through surveys, observations, and experiments, while secondary data is collected from existing sources.
What is the advantage of using secondary data in marketing research?
It is a cost-effective and efficient means of obtaining information.
What is an example of internal secondary data?
Product testing results
Why is it probable that secondary data can be found for a marketing research problem?
Because it is highly unlikely that any marketing research problem is entirely unique or has never occurred before.
What is the purpose of a company's internal database?
To incorporate all internal secondary data for easy access.
Study Notes
Types of Data
- Secondary data: information already gathered, relevant to the problem at hand
- Primary data: survey, observation, and experiment data collected to solve a specific problem
Benefits of Secondary Data
- Cost-effective and efficient means of obtaining information for marketing research
- Highly unlikely that any marketing research problem is entirely unique or has never occurred before
- Someone else has likely investigated a similar problem in the past
Sources of Secondary Data
Internal Sources
- Company's internal databases (e.g. Bud Net)
- Annual reports
- Reports to stockholders
- Sales data
- Customer profiles
- Purchase patterns
- Product testing results
- House periodicals composed by company personnel
External Sources
- Other organizations or persons (external databases)
Learn about the differences between primary and secondary data in marketing research. Primary data is collected to solve a specific problem, while secondary data has already been gathered. Understand the importance of secondary data in research.
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