Utilizing Primary and Secondary Research

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The majority of successful companies would affirm that they are market driven. Such organizations express a belief in the value of the marketing concept and the relationship between a market orientation and firm success and profitability. A key component within the marketing concept is marketing research. This is the process of gathering information on the market through primary methods, on our own, and secondary methods, through outside sources. This paper presents a brief overview and analysis of the benefits of primary and secondary marketing research for Circuit City Stores, of which I am an employee. Marketing for Circuit City has been a constant process of changing and developing new sales techniques to help increase sales. Though…show more content…
Related to the cost concerns are the difficulties associated with actually carrying out the research. A major advantage of secondary marketing research is its lower cost relative to primary marketing research. While some market research reports cost thousands of dollars, there are numerous secondary market research sources which cost considerably less, so that an organization can adjust its secondary marketing research demands to fit the company budget. Another cost-related advantage of secondary market research is that the costs are known and fixed. Primary marketing research, on the other hand, typically involves a range of unknown costs, such as overtime, hiring outside companies to help analyze your information and more. Another advantage of secondary marketing research is that it is already converted into charts, demographics, and organized whereas primary research must be processed prior to understanding and interpreting. The major disadvantage of secondary research is that it was not specifically conducted to address the organization 's specific problem or concern. Other disadvantages include a comparative lack of timeliness, relevance, and accuracy. Another utilization of primary research used to help improve our sales was customer surveys. After every
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