Advantages and Disadvantages of Primary and Secondary Market Research Free Essay Example, 1000 words

It is evidently clear from the discussion that primary research is readily available for analysis and repetition as it is computer codable. If catering to a larger population, it allows generalization and multiple comparisons between variables. Another advantage is re-questioning of target respondents or interviewees and can be verified by means of replication. It can be quick and cheap with small sample and participants can be overt or have masked identities according to the requirements. Primary research is usually time-consuming, expensive and due to over-reliance on statistical analysis, might lose case study data and individual meaning. The comparison and analysis of answers are difficult when respondents interpret questions differently. In primary research, the validity of the generalization can be affected as the selection might be non-random and the response rate can also be low. Closed questions make it difficult to judge the honesty of responses as they constrain the data. Secondary research is the study, analysis, and collection of data from the findings, facts, and figures that are already organized and researched in-line with the requirements of a business plan. It is a method of gathering information from research already conducted by others and is a past analysis of the concerned area. We will write a custom essay sample on Advantages and Disadvantages of Primary and Secondary Market Research or any topic specifically for you Only $17.96 $11.86/pageorder now The required information can be filtered from the existing and varied databases. Secondary research is often a good starting point for a business to begin gathering information and analyzing it to reach the target market of its product or service. Secondary research is a feasible option for small-scale businesses due to low cost and easy accessibility. It may very well be the only option for many start-ups and small-scale operations. It is also viable for analyzing large-scale population samples and trends. Secondary research is relatively easier to conduct as it can be managed from a desk.