ENTREPRENEURIAL OPPORTUNITIES
MARKET RESEARCH
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It provides more comprehensive and specific data
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It is more customised and tailored to the specific needs of an organization
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It is less expensive and quicker to conduct than primary research
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It offers a deeper understanding of customer behavior and preferences
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Detailed explanation-1: -Pros: As it is largely based on already existing data derived from previous research, secondary research can be conducted more quickly and at a lesser cost. Cons: A major disadvantage of secondary research is that the researcher may have difficulty obtaining information specific to his or her needs.
Detailed explanation-2: -Secondary data is easily accessible compared to primary data. Secondary data is available on different platforms that can be accessed by the researcher. Secondary data is very affordable. It requires little to no cost to acquire them because they are sometimes given out for free.
Detailed explanation-3: -Due to its nature, primary research tends to require more time, especially compared to secondary research. Primary research methods also require the researcher to be more involved, since they carry out the data collection themselves. Additionally, primary research is more expensive compared to secondary research.