Market research also uses primary or secondary data in the analysis and decision making process. Primary data is collected directly for the business owner. It can be a formal process like Bob s surveys performed by students in the marketing class, or an informal process like Tom s questions of his carpool group. Primary data also is collected from sources other than people. Janice s physical survey of the competition provides her with primary data.
Secondary data is information collected and made available to the public to use as needed.
Secondary data can be Census Bureau information, highway traffic counts, building permits issued, trade association sales figures, or chamber of commerce statistics. Whether formal or informal, primary or secondary, the purpose of market research data is to help the business owner make better decisions. Using market research, the business owner can develop an accurate understanding of the potential customer. The goal of market research is to reveal unfilled needs in the form of a market niche, customers needs, a competitor s weakness, or an unused marketing strategy. The ultimate goal is to increase the business sales and profits.