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Secondary market research can be broken up into two categories: information from internal sources such as an agency or company, and information from external sources held outside an organization or agency. [6] Secondary market research uses information from the past, reuses data already collected, and is more economical.
Marketing research is the systematic gathering, recording, and analysis of qualitative and quantitative data about issues relating to marketing products and services. The goal is to identify and assess how changing elements of the marketing mix impacts customer behavior.
Market research is an organized effort to gather information about target markets and customers. It involves understanding who they are and what they need. [1] It is an important component of business strategy [2] and a major factor in maintaining competitiveness.
On the other hand, secondary data is collected for some purpose other than the problem at hand. This data includes information made available by business and government sources, commercial marketing research firms, and computerized databases. Secondary data is an economical and quick source of background information.
2.Marketing Intelligence System: It is a main source used by managers for gaining daily information of the external environment, hence assists the managers to react to the rapidly changing environment. 3.Marketing Research System: It is used to collect primary and secondary data, and displays the results in forms of reports.
Aftermarket in economic literature refers to a secondary market for the goods and services that are complementary or related to the primary market goods, also known as original equipment). [1] [2] [3] In many industries, the primary market consists of durable goods, whereas the aftermarket consists of consumable or non-durable products or ...
Business and management research is a systematic inquiry that helps to solve business problems and contributes to management knowledge. It Is an applied research. Four factors (Easterby-Smith, 2008) combine to make business and management a distinctive focus for research : Transdiscipline approach
In addition, analysts of social and economic change consider secondary data essential, since it is impossible to conduct a new survey that can adequately capture past change and/or developments. However, secondary data analysis can be less useful in marketing research, as data may be outdated or inaccurate. [1]