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What Is the Difference Between Primary & Secondary Data When It Comes to Market Research?

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It is difficult to find data that would be just relevant for the study. There is no guarantee that the available information will be reliable in most cases.

Analysis carried out on inaccurate data will render the study useless. The market trend, consumer behavior etc. A study in marketing pertaining to these would not, therefore, warrant the use of secondary data. The researcher, in certain cases, may not find access to certain records. The decision as to whether to use primary or secondary data in a given situation would depend on the following considerations:. The nature of the data collecting agency, i.

What is a Primary Data in Marketing Research? Methods of Collecting Primary data for Marketing Research 1. Direct Personal Interview 2. Indirect Oral Interview 3. There are three typical ways that Primary Data is collected in marketing: Observation Observation is the collection of Primary Data through observing people, their actions and the situations they are in.

Observation may be the easiest research to do. Typically, observation is also the most cost effective method. Observation can also give you data that people aren't usually willing to tell you themselves, such as their feelings, emotions, attitudes or the motives behind their buying decisions.

How does observation work? Take a restaurant franchise owner. He may be planning on opening another location. He may also have little or no money to pay for marketing research. However a lot of the data he needs he can collect himself. He can get into his car and drive around town, observing the traffic patterns. He can see where his clientele goes to shop. He can see what time the traffic appears. He can call real estate agents and ask them for lease prices for different properties.

He can drive around and look for areas that don't have his type of restaurant, looking for areas of little competition. He can do all of this for just the cost of the gas in his car. You can do this yourself. Surveys Surveys are the most common method of collecting Primary Data. Surveys are the best way to get the descriptive information that you need for your marketing intelligence. Simply put, surveys collect data by asking other people a series of questions about their personal knowledge, emotions, attitudes, preferences, and buying behaviors.

Surveys can provide you a wealth of data. There is always a golden nugget, a piece of data that can give you the insight you need to figure out the direction of your next campaign. However, there are drawbacks to the data you collect via surveys. Often people just don't recall some of the information that you are asking for, and as a result, they are unable to answer the questions. Therefore the response that they give will not be the complete truth, it may be something that they feel you want to hear.

Sometimes people are unwilling to provide information that they might deem "private". This prevents completely truthful responses, and it skews the data that you are analyzing.

If the responses seem too good to be true Experimentation Primary Data can also be collected via experimentation. Experimentation is the practice of gathering data by selecting matched groups of people, giving them different treatments or scenarios, controlling related factors in their environments, and checking for differences in their responses. Experimentation gives us what we call "causal" data.

Causal data helps us explain cause and effect relationships. Experimenting helps us try to answer "why" someone is doing something, and what influences their buying behavior. A common example of experimentation is price testing. To the buyer, price will be the final emotional factor that determines whether or not they will give us their hard earned money.

Depending on the product and market segment, price may be the most important factor. How do you know what price is the right price? You have to test it. Many companies will test certain prices when collecting primary data on a new menu item that is being developed. How do you think McDonalds knows how much to charge for a Big Mac? They tested how much they can charge for that Big Mac, looking for that magic number that will provide the most sales and the most profit.

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You can contact us clintonnancy43 gmail. The downside of secondary market research is that it is not customized to your needs, so it may not be as useful as primary market research.

For example, secondary research will tell you how much money U. Focus groups, surveys, field tests, interviews, and observation are examples of primary market research. Primary market research lets you investigate an issue of specific interest to your business, get feedback about your website, assess demand for a proposed service, gauge response to various packaging options, find out how much consumers will pay for a new product, and more.

In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market. This tiny sample can give an accurate representation of a particular market. The downside of professionally conducted primary market research is that it can be expensive — several thousand dollars or more. Fortunately, a growing number of online tools allow you to conduct primary research such as surveys yourself at very little cost.

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One major downside to primary market research is cost. For many business owners, the best approach is to start with secondary research. By looking at regional data, community surveys, and other available information, you can help identify your audience and market. Once you have narrowed down your target group, you can do lower cost .

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Doing only primary market research – Another common mistake that must be avoided when doing market research is doing only primary market research. Businesses often make the mistake of spending so much time on primary research that they forget that using secondary sources for data could also prove useful and a lot more time-saving. Primary marketing research is proprietary, original research that you own, while secondary research is conducted by a third party and available to anyone.

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Meaning of Primary and Secondary data, methods of collecting primary data, the advantages of primary and secondary data in marketing research are briefly explained. Primary market research is tailored to a company’s particular needs and is conducted either by you or by a company that you pay to conduct the research for you. Focus groups, surveys, field tests, interviews, and observation are examples of .