Defining Primary Data in Market Research Primary data are information that we can collect specifically for the purpose of one’s own project
Defining Primary Data in Market Research
Primary data are information that we can collect specifically for the purpose of one’s own project. An advantage of primary data is that it is specifically tailored to the research needs. A disadvantage is that it is expensive to obtain.
Sources of Primary Data
The source of the primary data is the population sample from which you collect the data. The first step in the process is determining your target population. For example, if you are researching the marketability of a new washing machine, your target population may be newlyweds that have just purchased a home within the last 90 days.
Once you have determined your target population, you will need to decide how to represent this population in your study. Obviously, it’s impracticable to collect data from everyone, so you will have to determine the sample size and the type of sample. The sample should be random and a stratified random sample is often advisable. A stratified random sample involves dividing the population to be studied into subpopulations of distinct characteristics and then drawing your random sample from each subpopulation. In our washing machine example, subpopulations may include young couples, middle-aged couples, old couples and previously married couples.
Collection of Primary Data
Primary data may be collected either through observation or through direct communication with respondents in one form or another through personal interviews. There are several ways of collecting pri¬mary data.
Below are few methods of collecting primary data:
I. Observation method,
II. Interview method,
III. Questionnaire method, and
IV. Schedule method.
V. Focus Groups