Question

agree or not?

When entering global markets, businesses should perform market research in order to make informed decisions in regard to strategic goals and locations. There are two types of market research: soft or primary research and hard or secondary research. Often used to “fill in the blanks left by secondary research” (Wild, 2019, p. 308), soft or primary market research benefits include: learning about competitors’ products and current trends, access and communication with local governments, discovery of consumer attitudes and opinions, and environmental scanning. Although soft data research can be more costly, an organization can look at specific areas of concern and get more specific results. An example of when soft or primary market research data would be preferred is a survey that would be sent out to potential customers living in a neighborhood where a new bakery was going to be opened to find out price points for various menu items. The benefits of hard market or secondary market research include, “a cost effective way to begin exploring potential markets” (Wild, 2019, p. 305). Companies can get a feel for consumer behavior from previous information that has been gathered by government agencies, chambers of commerce, and trade associations. Hard data is relatively easy to find and access. An example of when hard market research data would be preferred is when the Spanish Clothing store Zara wanted to grow in the middle class market throughout the world. Analysis of foreign markets could be cost effectively gathered through hard data research so that markets could be identified.

Answer 1

It is agreed that primary research is done in detail and is more specific while secondary research is conducted on broad level by other agencies or forums. The sample size for secondary research is more vast and it gives an overview of the characteristics of the chosen sample. Comparatively primary research is more focused and can be done to validate the data of secondary research. Primary research is conducted by the business itself directly while for secondary research it depends on other sources that have conducted research on similar topic. It is correct that primary research can fill gaps of secondary research as primary research can be done on segments identified for seeking information in addition to the information provided by secondary research. Primary research gives the flexibility to do research on any topic decided by the company or organisation for its purpose. Primary research is more expensive than secondary data collected and requires more efforts compared than referring to the results of secondary research.