week 3 Secondary data & Syndicated - Week 3 Secondary and Syndicated Sources of Marketing Data Step 3(continued Formulating a Research Design The

week 3 Secondary data & Syndicated - Week 3 Secondary...

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Week 3: Secondary and Syndicated Sources of Marketing Data Step 3 (continued): Formulating a Research Design The two types of marketing research data Secondary Data Primary Data Collection purpose Data that has already be collected for purposes other than the problem at hand Data that is originated by a researcher for the specific purpose of addressing the problem at hand Collection Process Very involved Rapid and easy Collection Cost Expensive and high costs Relatively inexpensive Collection Time Long + Time consuming Short and quick Advantages of using secondary data - Easy and readily available - Inexpensive compared to collecting your own data - Provide useful information, insight and understanding of the problem - Quick and easy to obtain this type of data Disadvantages of using secondary data - might not be compatible with the current situation - Data Relevancy o Can’t compare data from different time periods o recent data is more relevant than past data o Differences in unit of measures (e.g. age group demographic characteristics)
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  • Two '16
  • secondary data, marketing research data, Syndicated Sources

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