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Business - Coggle Diagram
Business
market research
secondary research
improve business
understanding customer needs
competitors
reducing risks
identifying gaps in market
understanding customers
understanding markets
gathering information
helps business decisions
cons of secondary and primary research
money/expenses
not entire customer market
time consuming
sample sizes-money-portabillity
portabillity of a sample
reliability
factual/truthful
reliability
primary research is specific and completely factual
useful use of expenses
imrpove business decisions
taking into account of customer markets
evidence from a piece of information
secondary research is less reliable compared to primary
pros of secondary and primary research
up to date information
reliabillities
specific information
customer needs
saving money
secondary and primary recourses
primary: interviews, observations, observations, surveys, focus groups
secondary: government reports, market research, business reports, magazines, internet, newspapers
primary is first hand research
qualitative and quantitative
quantitative information is to do with numbers
qualitative data is to do with opinions or personal feelings on
a topic
qualitative is more in depth and opinion based
quantitative is more direct
validity
primary research is more good and factual since it is first hand
secondary is more cheap and easy to access
secondary research saves more money compared to primary