Business Approach to the Use of Primary and Secondary Research Essay

Business Approach to the Use of Primary and Secondary Research - Essay Example According to the research findings, Primary Market Research and Secondary Market Research are the two categories of market research. In order to get an overall adjusted and faultless depiction of the requirements, demands, and needs of your business, primary and secondary market research should ideally be used in concurrence with one another. Neither can be used as a standalone tool to gather all the vital and relevant information for a successful business plan. However, using both enables a business to gather all the required data needed to identify and reach the target market. Utilizing primary research alone, without first seeing what has or has not worked for different organizations, is liable to expedite insignificant inquiries or missed chances. In the meantime, depending singularly on secondary research is prone to disadvantage you with responses that are ambiguous or inappropriate to your particular target market. Business environment research commonly entails sociographics, market size and trends, business regulations, and demographics to develop a customer and/or competitor profile. The prime focus of primary research is to gather and unearth original data. To encompass data collection and data input and then analyze the results is vital for an effective and successful business plan attempting to reach its target audience. Primary research is conducted to acquire information about the unanswered or vague questions. In order to collect relevant data, one starts from the scratch and every step of the research process needs to be completed. It can also be said that data is collected from the real world in primary research (Penn). Using various means and strategies, a business collects data on its own or hires someone to collect data and information on its behalf.