Question

Explain the sources of collection of marketing data.

Answer 1

The bedrock of data analysis and interpretation is formed by the collection of data. ‘Data’ is basically unorganized statistical facts and figures collected for some specific purposes, such as analysis. There can be different sources of data, such as statistical and non-statistical sources.

Also, there are different methods of data collection, depending on the type of data. There are two main types of data: primary and secondary. Understanding the difference between the two is important in deciding which method of data collection to use. Tremendous amounts of statistical analyses are carried out continuously in countries for publication purposes or even for policy framing