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Summary Chapter 4.4 Revision Checklist
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Chapter 4.4 Revision Checklist IBM Textbook with ISBN 4
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4.4 Revision Checklist1. Distinguish between primary and secondary market research data.
Primary market research data is the collection of first-hand data that is directly and only
related to what is needed by a firm. As for secondary market research data, they are a
collection of data obtained from secondary or second-hand resources. This means, primary
research is collecting research on our own whereas secondary is using information obtained
by others.
2. Briefly explain why it is important to use secondary data, when available, before
investing in expensive primary market research.
This is important because by doing secondary data research, information a firm may need
may have already been collected before. This means it can cut on costs and time as some
information already exist. By doing secondary market research first, other information that
have yet to be collected then can be collected using primary market research.
3. List two reasons why secondary data might prove to be inaccurate for a firm’s specific
purposes.
- Secondary data may be out-of-date with chances of the data not being updated frequently.
- For the launching of a completely new product, secondary data may not be as relevant or
available yet.
4. Explain the advantages primary research has over secondary research.
Data obtained through primary research are confidential that only the business conducting
the research have access to it, thus higher chances of having a competitive edge.
Furthermore, the data obtained through primary research is collected for a specific and
clear purpose. This means answers to questions the business is asking will be answered for
certain. Thirdly, the collection of primary data ensures the obtained data are up-to-date,
unlike secondary data.
5. Outline two reasons why primary research data might prove to be inaccurate.
Primary research requires sampling, which may be inaccurate as data collected are only
obtained from a group of people and is used to represent the entire group. Considering that
only a part of the group is used as representatives, chances of error due to biases can
happen, making the data obtained to be more inaccurate.
6. Explain why it is important to consider the type of market that a new product is aimed
at before starting primary research.
It is important because the data obtained will not be of use if the research was conducted in
a market with no potential buyers. It is important for a business to know its market to
ensure the information they are trying to obtain to be a result of the potential buyers of the
new product. It will be useless to obtain information on non-potential buyers as it would not
help with the development of the new product.
7. Explain why sampling is so frequently used in consumer surveys.
Sampling is frequently used in consumer surveys as it is impossible to ask for everyone’s
cooperation to conduct surveys. In addition, only potential customers will be needed to
complete the survey, therefore, sampling is used.
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