Market research- primary vs secondary

Question 1

primary data:

Answer 1

data collected first-hand for a specific purpose by the entrepreneur

Question 2

secondary data:

Answer 2

data that already exists and which has been collected for a different purpose.

Question 3

market research:

Answer 3

the systematic and objective collection, analysis and elevation of information that is intended to assist the marketing process.

Question 4

demand:

Answer 4

the amount of a product or service that customers are willing and able to buy at any given price over a period of time.

Question 5

Advantages of secondary research (3)

Answer 5

information is already available
cheaper than primary research
helpful in identifying trends over time- conducted regularly

Question 6

Disadvantages of secondary research (4)

Answer 6

information may be dated- misleading
is available for other firms - unlikely to give organisation an advantage over other competitors.
may not be relevant secondary research to meet specific need of firm.
may not know level of accuracy and reliability of data- collected by other organisations.

Question 7

Advantages of primary research (3)

Answer 7

up to date
specific to the needs of the company
collect data that no other entrepreneur has

Question 8

Disadvantages of primary research (3)

Answer 8

time consuming to collect
more expensive that secondary research
may lead to mis-leading results if sample size is too small or the questions not worded properly.

Question 9

qualitative market research:

Answer 9

the collection of information about the market based on subjective factors such as opinions and reasons.

Question 10

quantitative market research:

Answer 10

the collection of information about the market based on numbers