Primary data is data which your business or you find and gather data to analyse. By you or the business finding the data this makes it primary because the data belongs to you making it original. The different ways to gather data is surveys and interviews by collecting data like this makes it original and reliable.
Primary data is when you collect and gather the data first hand in the form of a questionnaire, survey, telephone or interview. This data is specific to the company and did not exist beforehand. Sometimes referred to as field research.
The majority of UDT’s market research will be done with secondary data, and a suggestion of using a primary data source to help define more of UDT’s market.
It has to be mix of both primary and secondary. Primary research is to be done to know the customer perception about the image of the company and the nature of market competition. Various trade journals, industry reports should also be referred as secondary source.
Caetora and Keaverney (as cited in Mueller, 2011, p. 272) affirm that consumer buying behavior, attitudes about products or promotional message, relevance of a product attributes, product positioning and other manifestations of culture and societal norms are usually a product or industry specific and must be gathered from primary research. It means that this information may be critical to sound tactical decisions, and usually warrants the time, energy, creativity and expense required to collect it.
Thirdly the Business would need to collect Secondary and primary Data is data. Primary Data is a Data that is gathered by the researcher himself/herself. Secondary Data is data that is collected by someone else for another purpose.
Every organization will benefit from even the most elementary market research. The information will provide new information, and will confirm what is known.
In the article ‘Data Collection: Primary Research Methods’, Christ (2009) wrote that, the responsibility for collecting data under primary research falls to the marketer. Marketers can select two basic approaches to collect data using primary methods:
Secondary Research: The goal of secondary research is to analyze data that has already been published. With secondary data, you can identify competitors, establish benchmarks and identify target segments. Your segments are the people who fall into your targeted demographic--people who live a certain lifestyle, exhibit particular behavioural patterns or fall into a predetermined age group.
Secondary data is information that has already been found and this form of data can be accessed from journals, books, magazines and social media. This data is normally the first form of data that is accessed when the services are conducting research as this data is easily accessible. This data can be used by the public services to try and better their service from learning from previous mistakes that has been published in the data they have found.
Chapter 1 Marketing Creating and Capturing Customer Value 1) According to the five-step model of the marketing process, the first step in marketing is ________. A) capturing value from customers to create profits and customer equity B) constructing an integrated marketing program that delivers superior value C) building profitable relationships and creating customer delight D) understanding the marketplace and customer needs and wants E) designing a customer-driven marketing strategy Answer D Difficulty Moderate Chapter LO 1 Course LO Discuss the fundamental concepts of marketing 2) ________ are defined as states of felt deprivation. A) Needs B) Ideas C) Demands D) Values E) Exchanges Answer A Difficulty Easy Chapter LO 2 Course
After sifting through the leads and finding the right ones to investigate management must formulate an international marketing plan. This further helps management in locating potential markets for their products. The first step is to use secondary research to find out what the sales potential is in a given market. Asking the questions of need, demand, and support gives one a starting point for research. If we were a company that sold pants we might want to ask the following questions. Is there a need for pants? Is it cold enough there to wear pants? Do people that demand the pants have money? These are the questions that one should ask of potential markets. Table 1-located at the end of the paper-shows the statistics that are needed for a general market picture. After gathering the information from the secondary research, the picture of a potential market becomes more evident. However, to make the picture clearer, one must conduct primary research. This research outlines the specifics of the potential market that directly pertain to the product. Robert Douglas' book, Penetrating the International Market, addresses the issue of locating potential markets in greater detail.2
Secondary data can be found inside a company, in sales records in particular. When used for marketing research, such data probably need reorganizing. For example, sales of a particular product will often be listed customer by customer, whereas the research might call for a geographical breakdown. Alternatively, many external sources of secondary data are available, in government departments, trade associations, professional bodies, the press, specialist research agencies and many other sources. The increasing availability, power and flexibility of computers makes it increasingly easy for this information to be made immediately available to decision makers. An increasing range of databases can now be accessed on-line.
All the information provided in this report involves secondary market research method, which was acquired from the internet, academic journals and books.