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Market Research Techniques: Primary and Secondary Market Research

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❶One should evaluate the credibility of source of data and methods used to collect data because these factors directly influence the accuracy of data.

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What Is Secondary Data?
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Information collected from books, historical surveys are usually not sync with the times and might have changed drastically. Thus making such information a foundation of research may be highly risky for the business or project.

Extensiveness of such information is its benefit as well as drawback. Organization will not get answers to their specific issues through this data directly and one needs to 'mine' further into it to get relevant information.

Some of the secondary sources might have copyrighted their information and using them without permission can lead to various legal complications. Newer Post Older Post Home. Subscribe to our mailing list. Based on a work at www. Most Famous Advertising Slogans of all times 85 times Mailed. As such, secondary data suffers from pitfalls and limitations as stated below:. Sometimes, secondary data is influenced by the prejudice of the investigator. Preserve Articles is home of thousands of articles published and preserved by users like you.

Here you can publish your research papers, essays, letters, stories, poetries, biographies, notes, reviews, advises and allied information with a single vision to liberate knowledge.

Before preserving your articles on this site, please read the following pages: What are the sources of Secondary Data? Collection of Secondary Data The secondary sources can be classified into two categories via. Published Sources Generally, published sources are international, national, govt. These published sources of the secondary data are given below: Some of the important such publications are: Primary and Secondary Data 2.

Reports of Committee and Commissions: Some of them are as: You want to avoid making important business decisions based on unreliable data. So which data sources should you use? Read on for a quick breakdown of secondary and primary data and tips for finding valuable insights for your market research needs. Secondary data is public information that has been collected by others. It is typically free or inexpensive to obtain and can act as a strong foundation to any research project — provided you know where to find it and how to judge its worth and relevance.

Government statistics are widely available and easily accessed online, and can provide insights related to product shipments, trade activity, business formation, patents, pricing and economic trends, among other topics. Industry associations typically have websites full of useful information — an overview of the industry and its history, a list of participating companies, press releases about product and company news, technical resources, and reports about industry trends.

Some information may be accessible to members only such as member directories or market research , but industry associations are a great place to look when starting to learn about a new industry or when looking for information an industry insider would have. Trade publications , such as periodicals and news articles, most of which make their content available online, are an excellent source of in-depth product, industry and competitor data related to specific industries.

Oftentimes, news articles include insights obtained directly from executives at leading companies about new technologies, industry trends and future plans. Company websites can be virtual goldmines of information. For a fee, they can provide a great overview of an industry, including quantitative data you might not find elsewhere related to market size, growth rates and industry participant market share.

With all these sources of secondary data, you should be all set, right?

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Marketing research requires data, and secondary data is often the most convenient and cost-effective option. In this lesson, you'll learn about secondary data, including its sources and how to.

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Secondary research uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources.

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Besides the above mentioned sources of marketing research, there are many other sources of supplying secondary data e.g., colleges and universities stock exchanges and commodity exchanges, specialised libraries’, internal sources such as sales and purchase records, salesman, reports, sales orders, customer complaints and records . As opposed to primary market research, secondary market research is a research technique that does not aim to gather information from scratch but relies on already available information from multiple sources. This research focuses on data or information that was collected by other people and is available for either free or paid .

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Read on for a quick breakdown of secondary and primary data and tips for finding valuable insights for your market research needs. At the highest level, market research data can be categorized into secondary and primary types. Examples of secondary data are research reports, government reports, censuses, weather reports, interviews, the Internet, reference books, organizational reports and accounting documents. Secondary data can be defined as information collected by someone other than the user. The use of secondary data.