Marketing Research: Primary and Secondary Data

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Questions and Answers

What is the main difference between primary and secondary data?

Primary data is cost-effective, while secondary data is time-consuming.
Primary data is collected from within the company, while secondary data is collected from outside the company.
Primary data is collected to solve a specific problem, while secondary data is collected for general knowledge.
Primary data is collected through surveys, observations, and experiments, while secondary data is collected from existing sources. (correct)

What is the advantage of using secondary data in marketing research?

It requires conducting surveys and experiments.
It is only used for internal company reports.
It provides unique information that has never been collected before.
It is a cost-effective and efficient means of obtaining information. (correct)

What is an example of internal secondary data?

Government statistics
Social media trends
Customer surveys
Product testing results (correct)

Why is it probable that secondary data can be found for a marketing research problem?

<p>Because it is highly unlikely that any marketing research problem is entirely unique or has never occurred before. (D)</p> Signup and view all the answers

What is the purpose of a company's internal database?

<p>To incorporate all internal secondary data for easy access. (D)</p> Signup and view all the answers

Flashcards

Primary Data Source

Data collected directly for a specific purpose, using methods like surveys, experiments, and observations.

Secondary Data Source

Data from existing sources, not collected for the specific research project. Previously collected data.

Secondary Data Advantage

Cost-effective and efficient way to gather information, using data from existing sources.

Internal Secondary Data Example

Product testing results within a company, like customer feedback from a test market.

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Reason for Secondary Data Availability

Most research problems are not completely original and have likely been addressed before, allowing for secondary data finding.

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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)

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Description

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.