ENTREPRENEURSHIP

Detailed explanation-1: -Secondary research is often less expensive than primary research. Since the data is out there already, the most considerable expense is usually the workforce to find and interpret the data.

Detailed explanation-2: -Secondary research can help to: Answer certain research questions and test some hypotheses. Formulate an appropriate research design (e.g., identify key variables). Interpret data from primary research as it can provide some insights into general trends in an industry or product category.

Detailed explanation-3: -Secondary data is the data that have been already collected by and readily available from other sources. Such data are cheaper and more quickly obtainable than the primary data and also may be available when primary data can not be obtained at all.

Detailed explanation-4: -Secondary research is much more cost-effective than primary research, as it uses already existing data, unlike primary research, where data is collected firsthand by organizations or businesses or they can employ a third party to collect data on their behalf.