Research
Primary
Data collected first hand
Types:
Surveys
Observations
Experiments
Consumer panels
L3 Benefits:
Bespoke/tailor made
More relevant to business
Aimed at your target market
More likely to be up to date
L4 Drawbacks:
More costly
Time consuming
Secondary
Data that has already been collected
Internal:
Past Sales Figures
Customer Records
Sales reports from Staff
Pricing Data
External:
Government Statistics
Competitor information
Specialist Market Research Agencies
National Newspapers
L3 Benefits:
Less Cost
Quicker
Larger sample size (if specialist company)
L4 Drawbacks:
Age?
Relevance?
Competitive advantage
Not bespoke/tailor made
Data collected first hand
Types:
Surveys
Observations
Experiments
Consumer panels
L3 Benefits:
Bespoke/tailor made
More relevant to business
Aimed at your target market
More likely to be up to date
L4 Drawbacks:
More costly
Time consuming
Secondary
Data that has already been collected
Internal:
Past Sales Figures
Customer Records
Sales reports from Staff
Pricing Data
External:
Government Statistics
Competitor information
Specialist Market Research Agencies
National Newspapers
L3 Benefits:
Less Cost
Quicker
Larger sample size (if specialist company)
L4 Drawbacks:
Age?
Relevance?
Competitive advantage
Not bespoke/tailor made