Marketing Research Tools
Primary and secondary research tools are two different approaches to collecting data for market research. Each form of data collection consists of different uses, benefits and limitations. Using qualitative and quantitative approaches the data collection forms and tools vary. Primary and secondary research is a useful marketing tool that contains various tools.
Primary research is a process of collecting data in reference to the research subject or problem at hand directly from the real world. Examples of primary research include interviews, surveys and observations. Primary research is data collected by the researcher themselves specifically for the situation (Owl, 2010).
Secondary research is data that has been prior collected by another researcher for a purpose other than the subject or problem at hand. Secondary data can consist of internal records, external sources such as printed sources (such as magazines and books), internet sources, or other marketing data sources (Aaker, Day, & Kumar, 2007).
Differences in Data Collection Tools
Primary and secondary data are both useful forms of data collection for marketing research. Primary and secondary data vary in the way they can be used, their benefits, and their overall weaknesses.
Uses of Data
Secondary data can be useful when collecting already formulated data, such as population numbers or income figures. Examples of such are reports that come from the Census Bureau. Also, secondary data can be useful when examining new and arising products that may later be enhanced by primary research to expand one’s own market. Secondary data is useful as well to cross reference primary data (Aaker, Day, & Kumar, 2007). Both forms of data help build the other and primary data has its own usefulness.
Primary data is useful when dealing with topics that have little to no prior research. One can also use primary research when researching specific people, such as consumers. Expanding and enhancing secondary data is a useful tool of primary research. For example, if an organization is looking how to expand their market and they notice a new technology will be launched, using secondary data collection means, then primary research can be conducted to determine consumer request about the item and likeliness of success. Primary research can be a survey, an interview, an observation, or analysis of other data and criteria (Owl, 2010).
Benefit of Data
Primary and secondary data are both very beneficial depending on the topic at question. Since each style of collection has their own expertise in use the benefits in the two data collection are both significant; however, there is a difference in time and cost. Secondary data offers researchers a large savings in cost and overall time spent collecting data. Secondary data already exists therefore few days need to be spend collecting data from the internet, a library, or...