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Market Research Techniques: Primary and Secondary Market Research

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❶One major benefit of using secondary data is that it has already been reviewed by authorities and suitably used elsewhere. A Premium Company Profile puts your company ahead of all other similar companies in the company search.

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You can use this information as a reference in your thesis, dissertation or other research articles. Periodicals and journals provide up to date information and they are also available in libraries.

In social sciences and humanities newspapers can also be used to get references. Newspaper are an excellent source of data collection historical research. Some record cannot be obtained from any other source except newspaper as it does not exist in books and journals.

Old newspapers record can be obtained from the archives. In published data books are easier to use as data are arranged in order in books while newspapers are difficult to use because in newspapers there is no list of contents or bibliography.

Personnel records can also be very useful in research if data is unavailable in published from. Some personal sources like letters and diaries are invaluable assets.

Letters and diaries can have a personal bias as they are written by human beings and they contain personal judgement. The chances of bias should be eliminated before using these sources for references. Electronic Data like movies, documentaries and television programs can also be sued for recording data in secondary research.

In the social sciences and humanities it can be a good source of information. Government Records are available in the form of government surveys, tax records, census data and other statistical reports. They are easily available and widely used in research studies.

One major benefit of using secondary data is that it has already been reviewed by authorities and suitably used elsewhere. Most of the information has been accepted and approved for consumption by different audiences.

On the other hand, researchers obtain primary data by personally interviewing the respondents. This may also involve going to the field to observe occurrences and recording the observations. The advantage to collecting primary data is that the questions asked are directly tailored to suit the needs of the researcher. In addition, one can ask follow-up questions for clarification, something that is practically impossible when using most secondary data.

But the main thing here is that the group of people brought together have something in common, for example, either they should belong to the same age group, the same gender and so on. This division of the group or the selection process must depend on the audience targeted or the product of service of the company. Participants in such focus groups are then compensated by either free coupons, vouchers, gifts or money, etc. Focus groups fall under the qualitative research method and help businesses know a lot about customer or market trends.

Another superb and highly effective way to conduct primary market research is through surveys and questionnaires. One of the most common examples of this research method is the feedback form given to customers at the time of billing at a restaurant.

Surveys are also conducted in the form of web questionnaires these days that enable businesses to collect a lot of feedback and then analyze it for further administration. There are two major observation techniques or research methods used in primary market research, and they are observation through interaction and communication with the subject and observation through no interaction and communication with the subject.

This form of research method comes under the quantitative primary research since through it; researchers evaluate or measure the behavior of the respondents or the users in general. This is more of a personal approach in comparison to surveys and questionnaires, etc. This method of primary research involves scientific tests where hypotheses and variables, etc. This is a quantitative type of market research which may either be controlled out in the field or within controlled environments.

In order to understand this form of research, here is an example that you can refer to: A food product company created 3 different food packaging styles and then sold the products to different consumers.

After a limited period of time, it analyzed the sales and came to a conclusion about the preferred packaging style or design. One may think of an in-depth interview to be a quantitative approach to primary market research, but this method, in fact, is a qualitative research that takes into consideration the kinds of choices and preferences a customer base has. Interviews, unlike focus groups, involve interaction between one moderator and one respondent and several types of modes and methods may be used to conduct them.

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.

What Are Some Examples of Personal Data Forms?

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Published Data is the most basic secondary source of information for data collection. Published data can be obtained from various sources like books, magazines, newspapers, journals and periodicals etc. Published data is the most reliable secondary source of information. The validity of published data is greater than unpublished data.

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One excellent source of secondary research data is government agencies; this data is usually available free of charge. On the other hand, data published by private companies may require permission, and sometimes a fee, for you to access it.

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Examples of secondary data are research reports, government reports, censuses, weather reports, interviews, the Internet, reference books, organizational reports and accounting documents. Secondary data can be defined as information collected by someone other than the user. Secondary data is information that has been collected for a purpose other than your current research project but has some relevance and utility for your research. Sources of Secondary Data. You can break the sources of secondary data into internal sources and external sources.

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Secondary Research is of value when information is compared and analyzed, when the researcher performs a critical review of the data, and when the researcher comes up with actionable findings to move the project forward. This type of research can prove useful both in terms of primary market research and secondary market research. Some of the common examples of quantitative research include exit surveys, questionnaires, on-site fieldwork and the shopping bag survey.