What are sources of information needed for market research and how to collect them
by Cosmopolitalians.eu The availability and quality of data is mainly dependent on the source of data. The various sources of data can be broadly classified as:
1. Primary Sources: Information, which has been gathered for the first time, is called primary data. Here, the sources, expected to have the desired information, are contacted by various methods to collect data. The reputation and experience of the organization collecting the data is often the best guide to the accuracy of the data. The source from which the information is gathered for the first time is known as primary source and the information thus generated is called primary data. Primary data is originated with the specific research undertaking e.g., if a research firm was hired to obtain consumer attitude data on a new package design, this would be primary data, since it originated with the particular study. The origin of data, arid not who gathered it, is the factor that distinguishes secondary data from primary data. Primary data can be generated by questioning people or by observing selected activities. But in marketing research, a third method viz., experimentation is also included. In survey methods the data are collected by asking questions from respondents thought to have the desired information. This is done by personal interviews, telephone interviews or mail questionnaires. In observational approach, the researcher observes the respondents either by mechanical devices or by some individuals. In experimental procedures then researcher introduces selected stimuli into a controlled environment and then manipulates these stimuli. 2. Secondary Sources: The search for information should begin among secondary sources and only when such sources have exhausted, should primary data be sought. These are the sources where the data are developed for some purpose other than the problem at hand but are applicable to the present investigation. The primary data in one research may take the form of secondary data if used in another research. These already exist but have not been collected for that specific purpose. Learn more about the various sources of data for marketing research only at the University Canada West. Permanent link to this article: http://www.cosmopolitalians.eu/main-sources-data-marketing-research/ Market research generally involves two different types of research: primary and secondary. Primary research is research you conduct yourself (or hire someone to do for you.) It involves going directly to a source – usually customers and prospective customers in your target market – to ask questions and
gather information. Examples of primary research are: When you conduct primary research, you’re typically gathering two basic kinds of information: Primary research usually costs more and often takes longer to conduct than secondary research, but it gives conclusive results. Secondary research is a type of research that has already been compiled, gathered, organized and published by others. It includes reports and studies by government agencies, trade associations or other businesses in your industry. For small businesses with limited budgets, most research is typically secondary, because it can be obtained faster and more affordably than primary research. A lot of secondary research is available right on the Web, simply by entering key words and phrases for the type of information you’re looking for. You can also obtain secondary research by reading articles in magazines, trade journals and industry publications, by visiting a reference library, and by contacting industry associations or trade organizations. (Note: When you locate the research you want, check its publication date to be sure the data is fresh and not outdated.) One excellent source of secondary research data is government agencies; this data is usually available free of charge. On the other hand, data published by private companies may require permission, and sometimes a fee, for you to access it. Sources of Market ResearchSources of Market ResearchAn introduction on where to find current sources for market research. This information is part of "A Basic Guide to Exporting" provided by the U.S. Commercial Service to assist companies in exporting.Last Published: 10/20/2016 Sources of Market Research Research sources range from simple trade statistics, to in-depth market surveys, to firsthand interviews with public- and private-sector experts. Trade statistics indicate total exports or imports by country and by product. They allow you to compare the size of the market for a product in various countries. Some statistics also reflect the U.S. share of the total market in a country in order to gauge the overall competitiveness of U.S. producers. By looking at statistics over several years, you can determine which markets are growing and which are shrinking for your product. Market surveys provide a narrative description and assessment of particular markets,
along with relevant statistics. The reports are often based on original research conducted in the countries studied and may include specific information on both buyers and competitors. Other sources of market research expertise include local chambers of commerce, world trade centers, or clubs and trade associations. Many state governments maintain active export promotion offices. In the federal government, industry and commodity experts are available through the U.S. Departments of Commerce, State, and Agriculture and through the U.S. Small Business Administration (SBA). The following sources are divided into several categories: general information about exporting, statistical and demographic information, export opportunities at development agencies, industry information, and regional and country information. General Information about Exporting U.S. Commercial Service (http://www.export.gov)
Extensive market and regulatory information by region and country is available, including assistance with the North American Free Trade Agreement (NAFTA) certificate of origin and other free trade agreement processes. SBA Exporting Tools and Resources (http://www.sba.gov) The U.S. Commercial Service has regional services that will help you find buyers in multiple countries within the same geographic area. If you are targeting Hong Kong for example, why not stop in nearby Thailand or Singapore? Market Research Planning What are the main sources of information for market research?Either in face-to-face interviews or by telephone, these individuals can provide a wealth of market research information. Other sources of market research expertise include local chambers of commerce, world trade centers, or clubs and trade associations. Many state governments maintain active export promotion offices.
What are the sources of market research and examples?Four common types of market research techniques include surveys, interviews, focus groups, and customer observation.
What are all the sources of data collection in market research?a company's own records and publications. government publications. competitors' websites and publications. newspapers, journals and magazine articles.
What are the five sources of market information?There are five major sources of information in marketing research. They are (i) Primary Data (ii) Secondary Data (iii) Information from Respondent (iv) Experimentation and (v) Simulation. Sources of primary and secondary data have already been discussed in class.
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