Marketing Management Assignment help on: Primary and Secondary data

What is Primary Data?

In simple terms primary data is defined as the data observed or collected from the first hand source. The primary research is the use of immediate data in order to determine the survival of the market. The popular means of collecting primary data are surveys, focus groups, and interviews. These show a direct relationship among the potential customers and the company in question (Business Directory n.d.). Primary data is usually referred to as the most reliable sources of data as it is directly collected by the researcher.

What is Secondary Data?

Secondary data is defined as the process of collecting and processing data by people other than the actual researcher in question. The most common sources of secondary data are census, large surveys, previous research records, researches published, etc. The simple difference between the primary data and secondary data is that the former is a book or set of archival records, whereas the latter is the summary of a book or a set of records (Adfoster 2010),

The Values of a Secondary data being carried out

There are several advantages of carrying out a Secondary Data research, some of the have been discussed below:

• Saves time: It saves a lot of time for the duration of the project. Using the secondary data would mean using already available data where only processing would be required. So the process of Secondary Data research would save considerable amount of time for the researcher to conduct the study and derive conclusions.
• Provides a large database: Usually it has been seen that the amount of data available to be processed is comparatively higher compared to the data if collected first hand. However the only disadvantage to this is that the researcher needs to be very particular and sure about the authenticity of the data available (Adfoster 2010).

Weaknesses of Secondary Data

Although secondary data is said to be time saver there are a few weaknesses which are associated with the secondary data. Some of the possible weaknesses have been mentioned below:

• Quality: While primary research is directly in control by the marketer himself it is not the same case with the secondary data. This makes it important for the quality of the secondary data to be scrutinized as the origin of the primary data may be questionable. The organization who uses secondary data for decision making within their organization should take extra measures to ensure that the quality is reliable and valid in nature. Only reliable and adequate data could present the true picture and add value to the research conducted.
• Not exactly as the need of the researcher: It is often observed that the presentation of the secondary data is not at all as per the needs of the researcher. Although it may be what the researcher has been searching for the presentation of the data may not be exactly in the manner as expected. For example it may happen that a market research is conducted in age groups such as under 15, 15-18, 19-24, etc. but the researcher may require the data to be presented in age groups of under 13, 14-17, 18-21, etc. This form of presentation could make the research much more complex and time consuming.
• Insufficient spending on the information: As mentioned earlier a data set already available may not be as per the researchers need an argument can be raised of insufficient amount being spent for conducting the research and collecting relevant data. This would mean that the marketer would not receive the satisfactory amount of information for the amount and time spent.
• Not so relevant: Another weakness of using secondary sources of data is its relevancy. It may so happen that the data being used may not be current and could well have been collected in the past. With out of date information the significance of the study adds very less value to the research.
• Information Proprietary: One of the most common weaknesses of the secondary data is the proprietor of the information used. Usually the data available which could be free of available at a fee is not available for the aim of the research but comes with collective information with a broader perspective. For example if a stud for a particular industry is being carried out and secondary data is used from the data available for the industry as a whole would not solve the purpose of the company in question.

Primary data: Supplements Secondary Data

Irrespective of the pros and cons of using secondary data from the already available information highly supplements the process of research. In case a researcher compiles the entire data set in a comprehensive manner where the data collected from already collected sources are segregated in a manner to it is required can be very handy. We can take the following example to substantiate with reasons that primary data supplements secondary data (IWH 2008).

In case of a large confectionary which is heavily involved in providing products in a vast geographic area it may not be feasible to conduct an in-depth research of the markets they are working in. Also deciding on the parameters and connecting them with their needs may not be possible every time. So, rather than conducting huge research and spending millions on collecting the primary data a company may form dedicated teams to compile already available information in the respective regions. These could be collected by industry reports of the food choices, food demands, tastes and preferences, competitors and their offerings, etc. There are several other ways through which the company may collect information to conduct their research which would be recommended as it would be cost effective and provide results much faster than carrying out individual collection and then researching on it.

If you want Marketing Management Assignment Help study samples to help you write professional custom essay’s and essay writing help.

Receive assured help from our talented and expert writers! Did you buy assignment and assignment writing services from our experts in a very affordable price.

To get more information, please contact us or visit www.myassignmenthelp.Com