Question

why data collection is important for market researchers?

Answer 1

Market Research : Marketing Research is the process of identifying how well a product will fit in the market. It helps to identify weather a product could withhold amongst the cunsumers and competitors. Market Research is the process of gathering all raw information about the market, consumers and its competitors. Marketing research helps to forecast the future contigencies that might occur.

Data Collection : Data collection is known as the activity or process of collecting data and converting them into useful informations. Data collection is the basic step in the market research. And proper market research could not be produced without the reliability of the collected data. The collected data should be utmost reliable for bring in maximum knowledge.

Why data collection is important for market researchers?

Since data collection is the first step of market research, data collection plays a active role regarding the outcome of market research. Business decision making are often influenced by the market research and this market research entirely depends upon the quality and reliability of data collected. Through the collection of data business organisations would be able to make more informed decisions. The method used for data collection also will affect the outcome of market research, so according to the needs of the organisation the suitable method should be used. Data collected could also be of primary data or secondary. Primary data is the which will be previously collected by some others it could be used for market research if it suits the organisation. Secondary method of collection is the process collecting first hand information from the market. Future contigencies that might occur to a business could be easily predicted with the data that is collected. The success and failure of the business could even be predicted with use of quality data. In data collection, data is not only collected but rather it will be measured and analysed.