Research Process and Secondary Data

RESEARCH PROCESS AND SECONDARY DATA Secondary data: Data previously collected and assembled for some project other than the one at hand {text:list-item} {text:list-item} Can almost always be gathered more quickly and inexpensively than primary data But may be outdated or may not exactly meet the researchers needs Secondary data, or historical data, are data previously collected and assembled for some project other than the one at hand. Secondary data often can be found inside the company, at a public or university library, or on the internet. In addition, some firms specialise in providing various types of information, such as economic forecasts, that are useful to many organisations. The researcher who gathers data from the Australian bureau of statistics (ABS) or from the economist intelligence unit is using secondary sources. Secondary sources often prove to be very valuable in exploratory research. Investigating such sources has saved many a researcher from inventing the wheel in primary data collection. SUMMARY Marketing research is a tool companies use to discover consumers’ wants and needs so that they can satisfy those wants and needs with their product offerings. Marketing research is the marketing manager’s source of information about market conditions. It covers topics ranging from long-range planning to near-term tactical decisions. Marketing research is the systematic and objective process of generating information – gathering, recording, and analysing data to aid marketing decision-making. Basic or pure research seeks to increase knowledge of theories and concepts. The development and implementation of a marketing strategy consist of four stages: Identifying and evaluating opportunities Analysing market segments and selecting target markets Planning and implementing a marketing mix that will satisfy customers’ needs and wants and meet the objectives of the