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Importance of Market Research:Primary vs. Secondary Research

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What is the difference between primary and secondary research? When should a company use primary research and when is it appropriate to use secondary research? Why is market research important in developing products and/or services for the global marketplace? What are important considerations in deciding whether to take a product global?

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This solution focuses on the importance of market research and discusses the difference between primary and secondary research.

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Primary research involves the use of data that did not previously exist. Meaning, when conducting primary research, a corporation must develop its own set of data by conducting processes such as its own interviews, questionnaires, etc...With primary research, data is collected from experiments or from research subjects/interviewees. On the other hand, secondary research, which may be ...

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Carmel Philistin, MBA/HCM
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  • MBA/HCM, Phoenix University
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