What are the two broad types of data that you can collect in market research?*2 pointsFacts and opinionsScientific data and nonscientific dataExternal data and internal dataPrimary data and secondary data
Question
What are the two broad types of data that you can collect in market research?*2 pointsFacts and opinionsScientific data and nonscientific dataExternal data and internal dataPrimary data and secondary data
Solution
The two broad types of data that you can collect in market research are Primary data and Secondary data.
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Primary Data: This type of data is collected directly from the source. It is original and collected for the first time. It involves methods like surveys, interviews, and observations. It is usually collected to address specific research needs or questions.
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Secondary Data: This type of data has already been collected and processed by someone else. It could be data collected by a different researcher, government reports, studies done by market research firms, etc. This data is usually used when primary data is not available or is too expensive to collect.
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