Primary Versus Secondary Data
Data in marketing is used to make managerial decisions and is grouped into primary and secondary data. On the one hand, primary data refers to the information that a researcher gathers to address the research needs at hand (Burns et al., 2020). On the other hand, secondary data refers to information that is collected by another person(s) other than the researcher (Burns et al., 2020). Besides, secondary data is used to address additional research needs other than the research needs at hand.
Primary and secondary data are fundamental in marketing research. Secondary data provides demographic information about a target market, which is used to predict the population growth in a given area (Burns et al., 2020). For instance, a bakery may need to conduct market research regarding the demographics of a specific geographical area where the establishment intends to start the business. If the population growth rate is promising, the company may start the business even if the current numbers are not worthwhile.
On the other hand, primary data is used to obtain raw information about a given population and understand customer needs. For instance, if a company plans to introduce a new product, it will send a survey team to interview potential customers about their expectations. The customers’ views form the basis of what to include in the new product. The ‘New Coke’ failure is one case showing the importance of primary data in ensuring successful marketing campaigns. Before Coca-Cola’s ‘New Coke’ launched, the company failed to collect primary data regarding customers’ desires (Peaslee Levine & M. Levine, 2023). Instead, Coca-Cola relied on market trends and the media to decide that a new flavor was needed. The company should have surveyed what customers needed before even making a sample of the new product.
References
Burns, A. C., Veeck, A., & Bush, R. F. (2020). Marketing research. Pearson Education.
Peaslee Levine, M., & M. Levine, D. (2023). A Coke by Any Other Name: What New Coke Can Teach about Having Trust, Losing Trust, and Gaining It Back Again. The Psychology of Trust. https://doi.org/10.5772/intechopen.108982
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Primary Versus Secondary Data
How do secondary and primary data differ? Provide an example of how each type of data is used in marketing research.
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