Secondary Data

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Q) What are Secondary Data?

Secondary Data

Secondary data is information gathered for purposes other than the completion of a research project.
Data previously collected by someone else, possibly for some other purpose that can be used later for making decisions if found suitable for the purpose, other than the original one. Secondary data can be acquired from the internal records of the organization, their departments, subsidiaries or sister organizations and also from external sources, such as chambers of commerce, government, professional and commercial consultants subject to the availability of data .

• e.g., data in books, journals, newspapers, magazines, etc. • e.g., data in reports, surveys,
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Accounting and financial records. These are often an overlooked source of internal secondary information and can be invaluable in the identification, clarification and prediction of certain problems. Accounting records can be used to evaluate the success of various marketing strategies such as revenues from a direct marketing campaign.
There are several problems in using accounting and financial data. One is the timeliness factor – it is often several months before accounting statements are available. Another is the structure of the records themselves. Most firms do not adequately setup their accounts to provide the types of answers to research questions that they need. For example, the account systems should capture project/product costs in order to identify the company’s most profitable (and least profitable) activities.
Companies should also consider establishing performance indicators based on financial data. These can be industry standards or unique ones designed to measure key performance factors that will enable the firm to monitor its performance over a period of time and compare it to its competitors. Some example may be sales per employee, sales per square foot, expenses per employee (salesperson, etc.). 3. Miscellaneous reports. These can include such things as inventory reports, service calls, number (qualifications and compensation) of staff, production and R&D reports. Also

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