MANAGEMENT

Detailed explanation-1: -Secondary data refers to data that was previously collected for a different purpose besides the research at hand. This means the data has already been collected, generally by another individual or organization. Secondary data is used for different purposes but can be used specifically in marketing research.

Detailed explanation-2: -What can you conclude is the reason why secondary data is desirable? It includes survey information from consumers. It includes information not usually accessible to a company. It includes focus group data.

Detailed explanation-3: -An example of market research is conducting an online search on a particular topic and making note of the most recent data published on that topic.

Detailed explanation-4: -Successful entrepreneurs use market research to keep up with trends, make better business decisions and maintain their company’s competitive edge. Regardless of whether you’re starting or expanding your business, research is vital to understanding your target markets and increasing sales.