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Primary and Secondary Data Sources

Primary and Secondary Data Sources. Briefing 8. What is the difference?. Primary data are collected for the problem/issue that needs to be resolved.

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Primary and Secondary Data Sources

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  1. Primary and Secondary Data Sources Briefing 8

  2. What is the difference? • Primary data are collected for the problem/issue that needs to be resolved. • Secondary data are existing data that were collected for another purpose but can be mined for data that address the problem/issue that needs to be resolved.

  3. Sources of Primary Data • 1. Current customers • 2. Vendors • 3. Employees • 4. Management • 5. Former customers • 6. Channel members • 7. Prospective customers

  4. Advantages of Primary Data • 1. Addresses specific problem/issue at hand • 2. Provides researcher a greater level of control over data collection • 3. Improves likelihood that research money will be spent effectively • 4. Eliminates others’ access to data • 5. Provides current data

  5. Disadvantages of Primary Data • 1. Costly to collect • 2. Hard to recruit participants • 3. Sporadic availability of data • 4. Declining quality with lengthy data collection

  6. Sources of Secondary Data • Internal • External

  7. Examples of internal sources (sources that are inside the company): • 1. Company sales records/invoices • 2. Financial statements (income statements and balance sheets) • 3. Customer databases • 4. Ad campaign results • 5. Data from the use of loyalty cards • 6. Sales activity reports • 7. Product returns and exchanges • 8. Customer complaints • 9. Company blogs • 10. Customer comment cards

  8. Examples of External Sources (outside the company) • 1. Government sources • a. U.S. Census Data • b. U.S. Census Reports • c. U.S. Department of Commerce Data • d. Federal Reserve data • e. Economic indicators

  9. 2. Directories • Examples: Standard & Poor’s Registry of Corporations; Thomas’ Register of American Manufacturers, Fortune Magazine Directory, Million Dollar Directory, Sales and Marketing Management’s Survey of Buying Power, Source Book of Demographics and Buying Power for Every Zip Code in the USA • 3. Statistical sources • Examples:Standard and Poor’s Industrial Surveys, American Statistics Index, Statistical Reference Index, Federal

  10. 4. Trade associations and publications • 5. Newspapers • 6. Competitors’ websites • 7. Competitors’ annual reports • 8. Media Panel Data Sources • Examples: Nielsen Media Research (TV); Arbitron, Inc. (radio); Roper Starch (magazine ads); and Simmons Annual Report on Media & Markets

  11. 9. Syndicated data sources (companies that compile and then sell data to others) • Examples: • Consumer panels about product purchase behavior and consumer attitudes that are conducted by such organizations as J.D. Power, National Family Opinion (NFO), and National Purchase Diary (NPD) • Store audits that assess product and brand movement at the retail level; conducted by Nielsen Retail Index • 10. Search engines such as Google and Yahoo!

  12. A good online resource that contains information about primary and secondary sources can be found at http://www.knowthis.com/principles-of-marketing-tutorials/. • The three data collection-related tutorials (Data Collection: Primary Research Methods, Data Collection: Low-Cost Secondary Research, and Data Collection: High-Cost Secondary Research) are especially useful.

  13. Advantages of Secondary Data • 1. Less costly than primary data since they already exist • 2. Quick to obtain—save time • 3. Available on an ongoing basis

  14. Disadvantages of Secondary Data • 1. May be out of date • 2. May provide an incomplete picture • 3. Will probably not contain sensitive information that could be used for competitive advantage • 4. May be presented in a wrong or unusable format

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