Carrying out their own research allows the marketing organization to address issues specific to their own situation. Primary research is designed to collect the information the marketer wants to know Step 2: Identify What is to be Learned and report it in ways that benefit the marketer. Not only does primary research enable the marketer to focus on specific issues, it also enables the marketer to have a higher level of control over how the information is collected.
In this way the marketer can decide on such issues as size of project e. Unlike secondary research where the marketer may spend for information that is not needed, primary data collections focuses on issues specific to the researcher. This helps improve the chances that research funds will be spent efficiently.
The company performing the research should be able to focus their efforts on finding data in regards to a specific market. Most of the time secondary data is not up-to-date or relevant to the situation that the marketer is attempting to address. In addition to the aforementioned benefits, organizations that collect primary market data own that information and can choose to keep it private, giving them a competitive edge over their competition.
Vault Consulting offers extensive primary market research for a variety of industries. Our customized solutions can help your company meet and exceed their business goals. Unlike many other research firms, we specialize in surveying hard-to-reach populations.
Full Answer Primary research is basically research that a person or organization carries out on its own. Specific data - this form of research enables the individual or organization to get specific feedback regarding pertinent issues affecting them. Since the information is specific to issues, effective solutions can easily be formulated within a short period of time. Exclusivity of information - primary research ensures that the researcher has exclusive details about the findings of the survey, interview or observation.
This can help the research come up with strategies that will make it possible to have an edge over competitors. Greater control - since the individual or organization is responsible for planning and paying for the research, they are able to have greater control over what is researched. They pick areas of interest and control the timelines.
Advantages of Primary Market Research 1) Targeted Issues are addressed. The organization asking for the research has the complete control on the process and the research is streamlines as far as its objectives and scope is concerned.
Advantage-. The advantage of the primary research information, is that the data has been collected personally. Therefore, it relates directly to the researcher’s study. Depending if its quantitative or qualitative research it can also include a considerable size of subjects or smaller one if required.
This part of our detailed tutorial on market research planning looks at the advantages of conducting primary research including the ability to address specific needs, greater research control, gaining an information advantage and more. A: Some advantages associated with primary research include efficient spending for information, greater control and the fact that this type of research is specific and the information is exclusive. Some disadvantages include high costs, longer time frames to implement and that this research may not be feasible under certain circumstances.
While primary data collection is a powerful method for acquiring information, it does pose several significant problems including: Cost. Compared to secondary research, primary data may be very expensive since there is a great deal of marketer involvement and the expense in preparing and carrying out research can be high. Benefits of primary market research Primary market research provides a number of benefits for businesses and organizations. Because the organization has complete control over the process, primary market research can be used to address specific issues.