Business – 3.2 Market research – Primary and secondary research | e-Consult
3.2 Market research – Primary and secondary research (1 questions)
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Advantages of primary research:
- Data is specifically tailored to the business’s unique research objectives.
- Provides up‑to‑date information that reflects current market conditions.
- Allows control over the methodology, ensuring relevance and reliability for the specific context.
Disadvantages of primary research:
- Generally higher cost due to data‑collection activities (e.g., incentives, travel).
- Time‑consuming to design, administer, and analyse the data.
- Potential for bias if the researcher influences respondents or if sample size is insufficient.