Much secondary research is available free or at low cost. Some higher-quality information available through trade organizations isn't free, but these sources are still usually less expensive than hiring your own research team. A study that you find online has been developed to answer somebody else's questions. Even if these questions are targeted to your industry, they may not tell you much about your specific business or offerings, such as whether children will enjoy a specific toy you have designed.
Primary research allows you to introduce levels of nuance into your questions, such as whether your customers would be willing to pay more for your product with a particular innovation you are considering.
To make the most of your marketing budget, learn all you can from secondary sources, conduct inexpensive primary research by asking current customers directly about their preferences, and then conduct formal studies to supplement this information as needed.
Devra Gartenstein founded her first food business in In she transformed her most recent venture, a farmers market concession and catering company, into a worker-owned cooperative. Research Costs Market research can be costly depending on the methods chosen by the company. Time Another disadvantage of doing market research is the time associated with doing the research and performing questionnaires and interviews. Needs of the Market Another factor that influences market research negatively is the volunteers and their respective answers.
References 3 Know This: Primary Research — Disadvantages Know This: Secondary Research -- Disadvantages CVent: About the Author Based in Toronto, Mary Jane has been writing for online magazines and databases since Accessed 14 September Primary research is the process of gathering new information about a certain phenomenon in society. Expenses of primary research include the cost of stationery, printing materials, transport, accommodation and compensating research assistants.
Conducting a census is one example of primary research that involves great costs and takes a lot of time. As compared to secondary research, where a person simply obtains pre-researched information, primary research consumes a lot of time. Since the respondents in primary research are many and varied, a researcher runs the risk of obtaining biased or inaccurate findings. However, this drawback can be eliminated by targeting a sampled audience. Another disadvantage is the timing factor.
As primary research takes a lot of time, its findings could be irrelevant by the time they are processed.
While primary data collection is a powerful method for acquiring information, it does pose several significant problems including: Cost. Compared to secondary research, primary data may be very expensive since there is a great deal of marketer involvement and the expense in preparing and carrying out research can be high.
Disadvantages of Primary Market Research 1) High Cost. Collecting data using primary research is a costly proposition as marketer has to be involved throughout and .
Disadvantages of Primary Market Research. 1) High Cost. Collecting data using primary research is a costly proposition as marketer has to be involved throughout and . Primary research is the process of gathering new information about a certain phenomenon in society. Expenses of primary research include the cost of stationery, printing materials, transport, accommodation and compensating research assistants. Conducting a census is one example of primary research that involves great costs and takes a lot of time.
Before a company develops a new product for the company’s existing product line, executives often conduct market research to see if the new product will be profitable, while examining the direct need for the product. Although market research for new products has advantages, disadvantages also are associated with the process. There really are no disadvantages to primary market research. What might be disadvantageous to an origination would be lack of resources or funds to conduct beneficial market research in the first.