When conducting marketing research, there are two resulting types of data received: primary and secondary data.
Primary data is information gathered through first hand efforts. That is to say, it involves strategically planned missions by a specific company to seek out customer insight aimed towards an audience who’s personal experiences and opinions would directly relate and influence the company’s marketing decisions, in which the insight is needed to help. When a researcher gathers information through observations, surveys and experiments, they are engaging in gathering primary data. *Pros/Cons*
Secondary data is information collected and archived by one person, but utilized and found by another. It is much easier to obtain due to it’s ability to be accessed through databases, search engines and the internet. Benefits to using secondary data are reasons like the fact that it is greatly lower in cost, a larger amount of data may be gathered far quicker than primary data, and it is very helpful when first beginning to do research and are trying to get the most information possible even if it is general and broad. On the other hand, this information is accumulated for the purpose of other companies who most likely have different wants, needs and values making it common that the respondents involved with the data gathering are of a different target market than one of the person analyzing the secondary data.
While in the process of marketing research, our group had many considerations when choosing our questions for a survey to gather primary data. Age groups, popular trends in craft beers, buying habits of beer drinkers, top brands among beer fans, along with an open answer box for any additional information in regards to a marketing plan for a new brewery all ended up in our list of need to know information; therefore, we focused questions to gather this specific information. It is possible to view the survey by clicking on the picture below, but as a reminder, know that there is no need to fill out the survey anymore.
When the center of marketing is to create customer value, one must understand the market in and out. The only way to fully grasp the needs and wants of the market and the buyers, information must be gathered. To start a new business it is necessary to comprehend the needs of your target audience; primary and secondary data assist business owners and decision makers everywhere by allowing customer insight influence the products and services provided.
Key Terms: Primary Data, Secondary Data, Marketing Research, Exploratory Research, Descriptive Research, Casual Research, Focus Group,