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Primary vs. Secondary Market Research: What’s the Difference?

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❶Primary data takes a lot of time and the unit cost of such data is relatively high..

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Market research can be classified as either primary or secondary research. The difference is quite simple, yet there is often confusion around this topic. In a nutshell, primary research is original research conducted by you or someone you hire to collect data specifically for your current objective.

You might conduct a survey, run an interview or a focus group, observe behavior, or do an experiment. You are going to be the person who obtains this raw data directly and it will be collected specifically for your current research need. Conversely, secondary research involves searching for existing data that was originally collected by someone else. You might look in journals, libraries, or go to online sources like the US census.

You will apply what you find to your personal research problem, but the data you are finding was not originally collected by you, nor was it obtained for the purpose you are using it for. I hope that makes sense. If not, read on for some examples and a little more detail. The downside, of course, is that you may not be able to find secondary market research information specific enough or recent enough for your objectives.

Sources of Secondary Data Secondary data comes in all sorts of shapes and sizes. There are plenty of raw data sources like the US Census , Data. Internal company data like customer details, sales figures, employee timecards, etc. Interviews may not always be restricted to a set pattern of questions but can also be in the form of a conversation with the target customer base or audience.

This kind of a research method helps to dig further into what the customer wants, and the answers can later be analyzed to come to a conclusion for the final product delivery. Secondary market research is mainly based on collecting information from different sources and then coming to a conclusion. The following are the two main types of Sources of Secondary market research data:. Internal sources include information that has already been collected by the company and proves useful for future projects, etc.

For most businesses, internal sources may prove enough to develop new products and services, and this may not require them to look outside. External sources are those sources that present data that is collected by other businesses or people. External sources can be wide and varied and hence one must follow a controlled approach to assessing them. E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password. Great and in-depth post about marketing! Marketing is so key to being truly successful, and good marketing definitely starts with the proper research. I like your point on effective marketing research leads to encouraging communication. So much of business is still about networking, word-of-mouth, and effectively communicating out to your audience.

Doing the research like you have listed will definitely lead to finding that target audience and discovering new and better ways to communicate with them. Love this, now I understand the importance and different methods of market research in depth?

Very good, I'm doing an assignment and the information in this article is great Thank you for the information. This is really useful to understanding the different methods of market research. I really like that quantitative research is focused more on the hard facts vs the feelings of customers or consumers. I think that really helps to make the right decisions based on actual facts. Think back, when did you decide to start your business?

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Definition: Market research that's already compiled and organized for you. Examples of secondary information include reports and studies by government agencies, trade associations or other businesses within your industry.

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Secondary research is the gathering and analyzing of data that was previously collected to serve a purpose other than the current reason for the research. In this way, secondary research differs from primary market research, which is the direct gathering of information from individuals in order to answer a specific and generally new research .

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Secondary market research is easy to find, and much of it is free or low-cost. For instance, you can find secondary market research online at government or industry websites, at your local library, on business websites, and in magazines and newspapers. Secondary market research is when you use previously completed studies and apply the results to your own situation. These studies are easy enough to find via an internet search or by researching marketing journals—and, on the upside, are usually free or low cost. The drawback for businesses is that the results are not specific to your.

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This part of our detailed tutorial on market research planning discusses the importance of secondary data collection. In this article, we will deep dive into the topic of Market Research Techniques. We will start with 1) an introduction to market research, explore then 2) primary and 3) secondary market research, as well as finish with 4) the mistakes to avoid when doing market research. MARKET RESEARCH: AN INTRODUCTION Market Research is .