Mini Task 2.doc - MKF 2121 MINI TASK 2 Yanmin Chen 29478189 1 Why it is important to obtain secondary data before primary data How do we distinguish

Mini Task 2.doc - MKF 2121 MINI TASK 2 Yanmin Chen 29478189...

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MKF 2121 Yanmin Chen MINI TASK 2 29478189 1. Why it is important to obtain secondary data before primary data? How do we distinguish secondary data from primary data? Secondary data is readily available, and cheaper than primary data. It is also possible to solve the problem without collecting any primary data. Secondary data has already been collected, while primary data has to be originated by a researcher. In addition, the cost of the secondary data is lower than the cost of primary data. 2. BMW’s is considering raising the prices for its 3 series sedan in Australia by 10% and would like to understand how this might affect its revenue in Australia. A marketing analyst at their corporate head office finds a report published by Mercedes Benz—a rival luxury car maker—in 2012 on a similar price increase the company carried out in the US. The report finds that Mercedes’s American revenue increased by 5% after the price increase. Based on the finding from the report, BMW decides to carry out the proposed price increase. Explain why this might not be a good decision.
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