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Primary and Secondary Market Research - Coggle Diagram
Primary and Secondary Market Research
Primary
These are sources that are made by the business and not collected before
Examples
Focus Group
Survey
Observation
Disadvantages
Usually a small sample size so not representative of the whole market
Answers may not be truthful
Usually have to give incentive for consumers to take part.
Advantages
New information is created and so can be tailored to a businesses needs and wants
Competitors do not know the research so could bring competitive advantages
Able to use your own customers to see what they like and dont
Secondary
These are sources that already exit and are used by the business to gather information
Examples
Examples
News artiles
Government reports
Research Papers
Disadvantages
Could be out of date
Could be low quality
ALready published so competitors already havve aces to it.
Advantages
Usually cheaper and quicker to do
Larger sample size allows for more comprehensive look at the market
Can look to see what compititors are already doing