What Are The Advantages And Disadvantages Of Using Primary Data

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Data - Facts and Statistics collected together for reference or analysis.

There are many ways to classify data are as follows.

Primary data: Data collected by the investigator for a specific purpose. It means that the data has been collected earlier from the original source first hand. Data collected this way is termed as primary data.

Secondary data: Data collected and processed by some agency or persons and are not used for the first time.

Types of secondary data
There are three main sources of internal data. These are:
Sales and marketing reports. These can include such things as:
Type of product/service purchased
Type of end-user/industry segment
Method of payment
Product or product line
Sales territory
Date of purchase
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Recency of data is maintained: usually secondary data is not so recent and it may not be specific to the place or situation marketer is targeting.
4. Copyrighted issues: collector of primary data is the owner of that information and he need not share it with other companies and competitors.

Some disadvantages of using primary data:

1. Very expensive: collecting data using primary research is a costly proposition as marketer has to be involved throughout and has to design everything
2. Time consuming: because of exhaustive nature of the exercise the time required to do research accurately is very long as compared to secondary data.
3. Inaccurate feedback: in case the research involves taking feedbacks from targeted audience there are high chances that feedback given is not correct.
4. More number of resources are required: leaving aside cost and time other resources like human resources’ and materials too are needed in larger quantity to do surveys and data collection.

In primary data collection, the informations are collected directly from the source by means of field studies. Primary data are original and are like raw materials. These are first hand information and there are many ways of collecting primary data. The main methods
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