Whats the source Lap

Why do some companies choose to outsource marketing-research activities?

Companies choose to outsource marketing-research activities because of its: 1. Ability to be efficient. 2. Specialized equipment, software, and facilities. 3. Access to a wide variety of data and industries. 4. Objectivity (not biased). 5. Ability to make the research anonymous.

1. Government statistics and databases 2. Trade association reports and databases 3. Business directories 4. Writings of industry experts 5. Public information about competitors (annual reports, website, etc.) 6. The general media 7. The Internet 8. Data from commercial marketing-research suppliers

Examples of External Data

• Sales invoices • Cash register receipts • Sales reports (broken down by product, time, market segment, etc.) • Expense accounts • Customer records • Accounting records (such as profit-and-loss statements) • Retail "loyalty" cards • Social media analytics • Customer comments

Examples of Internal Data

Are secondary data that already exist outside the organization

External Data

Are secondary data that already exist in the organization's own "in-house" information system.

Internal Data

Is data that is collected specifically for the project at hand.

Primary Data

Qualitative and Quantitative are two types of

Primary Data

Are subjective—based on thoughts, feelings, opinions, and experiences. Gather this data to review background information, establish research priorities, clarify research questions or problems. Create hypotheses for further testing or research.

Qualitative Data

Are objective—based on statistics and facts, and usually represented numerically. Gather this data to make accurate predictions, develop more meaningful insights into relationships between market factors, and test and validate hypotheses.

Quantitative Data

Contains data that has already been collected for some reason other than the research project at hand.

Secondary Data

Internal and External are two types of

Secondary Data

What are the advantages of primary data?

The advantages of primary data are that: 1. It fits an organization's specific needs. 2. It's always up to date. 3. Gives marketers greater control of the study. 4. Allows marketers to interact personally with respondents. 5. It's becoming easier and more affordable than it has been in the past.

What are the advantages of secondary data?

The advantages of secondary data over primary data are that it is cheaper to use, it is quicker to conduct, and it can be beneficial to marketers if it's all that they have to use.

What are the disadvantages of primary data?

The disadvantages of primary data are that it's costly, time-consuming, and can be difficult to find respondents.

What are the disadvantages of secondary data?

The disadvantages of secondary data are that it is not customized to the specific needs of a research project, and it may also be out of date or incomplete.

current customers, former customers, prospective customers, past/current employees, managers, vendors/suppliers, or other channel members.

What are some sources of primary data?

What are some sources of primary data?

current customers, former customers, prospective customers, past/current employees, managers, vendors/suppliers, or other channel members.