Posted: November 8th, 2022
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Part 1(a) Should be between 200-300 words. Please cite the textbook at least twice. And use one reference that is a website. Use more theory than opinion. This is a discussion response.
Sue’s approach to use secondary data for their project was practical. She knew that much of what Hung wanted to know was already available from other projects and freely available from online sources, public records, and libraries among others. For a market researched, this made sense to since the information was already there and would therefore result in less time researching and resulting in a savings of funds. However, Sue and Hung were in the initial stages of planning of a research project and the specifics of what, who, how, where, and when of the research project were still being hashed out. In this stage the market researcher and customer agree upon items such as which “sample designs, measures, and analysis techniques to be used” (Donnelly, 2018, p. 33). Hung was convinced that primary data collection was more important than relying on secondary data was to saving money and time.
Hung was correct in insisting Sue to use primary data. Although “primary research usually costs more and often takes longer…it gives conclusive results” (The Hartford, 2022) unlike secondary research. Secondary data does have its place though. It may not be the most accurate for the cause or purpose of the research project, it can be beneficial for smaller businesses “because it can be obtained faster and more affordably than primary research” (The Hartford, 2022).
The reason primary data is preferred is because it is seen as more valuable. This is no doubt due to the sources of primary data. According to Smartsurvey.com, common sources of information for primary data comes from interviews, surveys, focus groups, and observations (Smart Survey, 2022). Primary research is fitted for large budgets and projects that have a lot of time to conduct, collect, analyze, and report the results of the research.
Donnelly, J. P. (2018). A Preface to Marketing Management. U.S.: McGraw-Hill Higher Education .
Smart Survey. (2022, November 3). Primary Research Methods Explained. Retrieved from www.smartsurvey.co.uk: https://www.smartsurvey.co.uk/articles/primary-res…
The Hartford. (2022, November 3). Types of Research: Primary vs Secondary. Retrieved from www.thehartford.com: https://www.thehartford.com/business-insurance/str…
Part 1(b) Should be between 200-300 words. Please cite the textbook at least twice. And use one reference that is a website. Use more theory than opinion. This is a discussion response
Marketing research is an important component to reach an effective solution that will benefit both the company, their services, and products. It is a composite of data through methods of gathering information for a targeted segment. Therefore, being a marketer researcher is crucial. They must analyze this information from reports and use it for recommendations for companies to strategize to sustain a steady base of client and/or customers. Marketing research serves as an aid to boost the chances of making good decisions (Peter & Donnelly Jr., 2019).
Marketing researcher techniques are critical in relation to which type of data is going to be used, secondary or primary. Primary research is a direct line from sources such as surveys, interviews, or questionnaires which are more targeted and specific. Secondary research is derived from a wider platform such as the internet, academic-peered journals, or government agencies. In basic terms, primary is research conducted by you and secondary is collected by someone else (Marketing Research Guy, 2020).
Sue’s original research approach may be considered secondary because conducting them are more affordable than primary and the wider variety of data that can be collected. Time constraints could be a factor in which Sue’s research are needed for Hung to strategize in improving products or services. It would ensure that real needs are met, and that customers or clients would benefit from the company offers (Chron, 2021).
Chron. (2021). Ethical marketing strategy. Chron.
Market Research Guy. (2020). Primary vs. secondary market research: what’s the difference?
Donnelly Jr, J., Peter, P. (2019). A Preface to Marketing Management. McGraw Hill
Part 2(a) Should be between 200-300 words. Please cite the textbook at least twice. And use one reference that is a website. Use more theory than opinion. This is a discussion response
Your posts are indicative of a thorough examination of the question, but some need to infuse references more (every post must have a reference in the body) and review grammar. Substantiate personal experiences with theory. Please restrict to 500 words. Brevity is critical to successful writing. (Please see my Welcome Letter in the announcements for more detail including rubric.)
You must cite the textbook and outside sources in your answer.
General Questions (anyone can respond)
Research is valuable if it increases the probability of a correct decision; substantial loses or gains could occur among alternatives and what else?
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