Description
Explain how companies analyze and use marketing information
Assignment Guidelines
- Marketers make heavy use of both primary and secondary data. What is primary data? What is secondary data? What are the possible benefits or drawbacks of using each of these data types?
Explanation & Answer
Attached.
1
Primary Data
Primary data may be described as the first or original data gathered by the researcher for
the specific purpose of solving a particular research question or problem. This data category is
collected first-hand from primary sources through surveys, interviews, focus groups,
observations, or experiments. Depending on the requirements of the project, primary data is fresh
and most suitable for use in answering the research questions. It provides an opportunity for the
control and management of the information collection procedure and the reliability and
pertinence of information acquired (Kotler & Armstrong, 2018). However, obtaining primary
data can be cumbersome, involving using a lot of resources and special skills in data collection
research.
Secondary Data
Sеcondary data is data that has bееn collеctеd by an unknown rеsеarchеr for a different
rеsеarch purposе than thе onе at hand. Such data can be obtained from government documents,
research papers, newspaper articles, companies' archives, online databases, and other business
materials. The main advantage of secondary data is that it is usually easy to obtain and is
relatively cheaper when compared to primary data(Kotler &...
