Differentiating Primary and Secondary Market Research

What is the primary purpose of market research for businesses?

• To reduce production costs

• To hire more employees

• To make informed decisions

• To increase their social media presence

Which type of resource involves collecting new data that has not been gathered before?

• Quaternary research

• Primary research

• Tertiary research

• Secondary research

What is secondary research?

• Collecting new data

• Conducting surveys

• Using data already collected through primary research

• Analyzing social media trends

In the example, what is Julia trying to convince her company to do?

• Reduce prices

• Launch a new coffee flavor

• Sell pumpkin spice lattes all year round

• Open new stores

What method did Julia use to gather primary data?

• Reading industry reports

• Conducting in-depth interviews with Starbucks enthusiasts

• Watching videos of interviews

• Analyzing financial reports

Why is watching a video of an interview considered secondary research?

• Because it is conducted by professionals

• Because it is more reliable

• Because the viewer is not the first person to experience the dialogue

• Because it involves new data collection

Which of the following is an example of secondary research?

• Conducting a survey

• Holding a focus group

• Reading industry sales reports

• Interviewing customers

What is the main difference between primary and secondary research?

• Primary research is cheaper

• Secondary research is more accurate

• Primary research involves new data collection, while secondary research uses existing data

• Secondary research is faster

What should you do if you want to be the first person to experience a discussion?

• Watch a video of the discussion

• Read a report about the discussion

• Conduct the interview yourself

• Analyze existing data

What does the video encourage viewers to do at the end?

• Buy Starbucks products

• Ignore the information

• Conduct their own research

• Like, comment, and share the video