What is primary data? What are advantages and disadvantages of primary data over secondary data?
Answers
Primary data collection is a direct approach that is tailored to specific company needs. It can be a long process but does provide an important first-hand information in many business cases.
Primary data is original data – from the first source. It is like raw material.
Most popular examples of primary data sources are:
°Interview (personal interview, telephone, e-mail)
°Self-administered surveys and questionnaires
°Field observation
°Experiments
°Life histories
°Action research
°Case studies
°Diary entries, letters, and other correspondence
°Eyewitness accounts
°Ethnographic research
°Personal narratives, memoirs
Advantages of primary data:
°Resolve specific research issues=>
Performing your own research allows you to address and resolve issues specific to your own business situation. The collected information is the exact information that the researcher wants to know and he reports it in a way that benefits the specific situation in an organization.
°Better accuracy=>
Primary data is much more accurate because it is directly collected from a given population.
°Higher level of control=>
The marketer can control easily the research design and method. In addition, you have a higher level of control over how the information is gathered.
°Up-to-date information=>
The primary market research is a great source of latest and up-to-date information as you collect it directly from the field in real time. Usually, secondary data is not so up-to-date and recent.
°You are the owner of the information=>
Information collected by the researcher is their own and is typically not shared with others. Thus, the information can remain hidden from other current and potential competitors.
Disadvantages:
°More expensive=>
It could be very expensive to obtain primary data collection because the marketer or the research team has to start from the beginning. It means they have to follow the whole study procedure, organizing materials, process and etc.
°Time consuming=>
It is a matter of a lot of time to conduct the research from the beginning to the end. Often it is much longer in comparison with the time needed to collect secondary data.
°Can have a lot of limits=>
Primary data is limited to the specific time, place or number of participants and etc. To compare, secondary data can come from a variety of sources to give more details.
°Not always possible=>
For example, many researches can be just too large to be performed by your company.
Primary data, it's advantages and disadvantages
Explanation:
Meaning of primary data- it s fresh or first hand data which is collected by the investigator as per the his requirement. where data can be collected by various methods such as interview, questionnaire, observation etc.
Advantages- it is fresh data and hence it suits the need of investigator . this method can be controlled by the investigator according to his need. the investigator can be more specific while collecting data.
Disadvantages- This method of collecting data is very time consuming and cost consuming. other than this only small amount of data can be collected using this method.
Learn more:
Advantages and limitation of primary data
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