Why do we need both Primary and Secondary data in creating and evaluating a marketing strategy?
Secondary Research is based on information from studies previously performed by government agencies, chambers of commerce, trade associations, and other organizations. This includes Census Bureau information and Nielsen ratings. You can find much of this kind of information in local libraries or on the Web, but books and business publications, as well as magazines and newspapers, are also great sources. Although secondary research is less expensive than primary research, it’s not as accurate, or as useful, as specific and customized research. For instance, secondary research will tell you how much teenagers spent last year on basketball shoes, but not how much they’re willing to pay for the shoe design your company has in mind. Primary Research is research that’s tailored to a company’s particular needs. By customizing tried-and-true approaches — focus groups, surveys, field tests, interviews or observation — you can gain information about your target market. For example, you can inves
