What is Primary and Secondary Market Research?

Question

Accepted Answer

Primary research is original research conducted by a company or organization, while secondary research is information that has already been collected and published.

Primary research involves collecting data directly from the source, such as surveys, interviews, and focus groups.
Secondary research involves analyzing existing data sources, such as market reports, government publications, and academic research.
Primary research is more expensive and time-consuming, but provides more specific and tailored information.
Secondary research is less expensive and quicker, but may not be as relevant or accurate for a specific company or industry.
Examples of primary research include conducting customer satisfaction surveys, while examples of secondary research include analyzing industry reports from market research firms.

What is Primary and Secondary Market Research?

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