- market research
- data sources
Primary data sources
The sources used to generate primary data are:
- observation method
- survey method
- experimental method
There are a number of experimental designs that are used to run and experiment with. However, 4 experimental designs have been used more frequently by market researchers. These are -
- CRD-completely random design
- RBD - Random Block Design -The term randomized block design comes from agricultural research. In this design, different variable treatments are applied to different blocks of land to determine their effect on crop yield. The blocks are formed in such a way that each block contains as many plots as the number of treatments, such that for each treatment one plot of each is randomly selected. The production of each plot is measured after the treatment. Then these data are interpreted and conclusions are drawn using the analysis of variance technique to know the effect of different treatments such as different doses of fertilizers, different types of irrigation, etc.
- LSD - Latin Square Design -A Latin square is one of the experimental designs that features a balanced bidirectional classification scheme, such as a 4 x 4 matrix. In this scheme, each letter A through D appears only once in each row and only once in each row. each column. It should be noted that the equilibrium arrangement is not altered when one row is exchanged for the other.
The balanced arrangement achieved in a Latin Square is its main strength. With this design, comparisons between treatments are free of differences between rows and columns. Therefore, the size of the error is smaller than any other design.
A B C D B C D A C D A B D A B C
- FD - Factorial Designs -This design allows the experimenter to test two or more variables simultaneously. It also measures the interaction effects of the variables and analyzes the impact of each of the variables.
In a real experiment, randomization is essential to allow the experimenter to infer cause and effect without bias.
Secondary data sources
While primary data can be collected through questionnaires, in-depth interviews, focus group interviews, case studies, experiments, and observation; Secondary data can be obtained from
- Internal sources: reside within the organization.
- External sources: they are external to the organization.
Internal data sources
If available, internal secondary data can be obtained with less time, effort, and money than external secondary data. Also, they may be more relevant to the current situation because they come from within the organization. Internal sources include
- accounting resourceThis provides a lot of information that can be used by the market researcher. They provide information about internal factors.
- Sales Representative Report-Provides information about the sale of a product. The information provided is from outside the organization.
- internal expertThese are the people who run the different departments. They can give an idea of how a certain thing works
- Miscellaneous reports-This is the information you get from operational reports.
If the data available within the organization is inappropriate or insufficient, the marketer should extend the search to external secondary data sources.
External data sources
External sources are sources that are outside of the company in a larger environment. External data collection is more difficult as the variety of data is much greater and the sources are much more numerous.
External data can be divided into the following classes.
- government publications-Government sources provide researchers with an extremely rich data set. Also, much of this data is freely available on websites. There are a number of government agencies that generate data. These are:
- India Registrar-It is an office that generates demographic data. This includes information about gender, age, occupation, etc.
- Central Statistical OfficeThis organization publishes national accounts statistics. Contains estimates of national income for various years, the rate of growth, and the rate of main economic activity. The Annual Survey of Industries is also published by the CSO. It provides information on the total number of workers employed, production units, materials used, and value added by the manufacturer.
- Director General of Commercial Intelligence-This office operates from Calcutta. It provides information on foreign trade, that is, import and export. These figures are provided regionally and country by country.
- Ministry of Commerce and IndustryThis ministry provides information on the Wholesale Price Index through the Office of the Economic Advisor. These indices can be related to a number of sectors, such as food, fuel, energy, grain, etc. It also generates All India Consumer Price Index figures for industrial workers, urban white-collar workers and cultural workers.
- planning commissionIt provides the basic statistics of the Indian economy.
- reserve bank of indiaFind information on Savings and Investment Banking here. RBI also prepares monetary and financial reports.
- Job bag-It provides information on qualified, unqualified professions, employed by others, etc.
- National Survey by Sample-It is carried out by the Ministry of Planning and provides social, economic, demographic, industrial and agricultural statistics.
- Ministry of EconomyIt carries out economic surveys and also generates information on income, consumption, expenses, investments, savings and foreign trade.
- State Statistical Summary-This gives information about different types of status-related activities such as business activities, education, occupation, etc.
- Non-governmental publications-This includes publications from various industry and trade associations, such as
- The Cotton Spinners Association of India
- various chambers of commerce.
- Bombay Stock Exchange (publishes a directory of financial accounts, profitability ratios and other relevant matters)
- Various press media associations.
- Export Promotion Council.
- Confederation of Indian Industry (CII)
- Small Industries Development Board of India
- Various factories, such as woolen factories, textile factories, etc.
The only downside to the above sources is that the data can be skewed. They will probably color your negative points.
- Syndikatsdienste-These services are provided by certain organizations that regularly collect and tabulate marketing information for a number of customers who are subscribers to these services. Therefore, the Services are designed to tailor the information to the Subscriber. These services are useful for watching television, transporting consumer goods, etc. These syndicated services provide intelligence data from both households and institutions.
When collecting data from households, they use three approaches
- opinion poll-They conduct surveys on - lifestyles, sociographics, general topics.
- Mail journal panel-It can refer to 2 fields: purchase and media.
- Electronic Scanner Services-These are used to generate volume data.
- full seller
- retailers and
- industrial company
Meaning of syndicated servicesSyndicated services are becoming more popular as decision-making constraints change and we need more targeted decision-making given the changing environment. Syndicated services can also provide information to industry at a low unit cost.
Disadvantages of Syndicated ServicesThe information provided is not exclusive. Various investigative agencies offer customized services to meet the needs of each individual organization.
- International Organization-This includes
- The International Labor Organization (ILO)-Publishes data on labor and total force, employment, unemployment, wages and consumer prices
- The Organization for Economic Co-operation and Development (OECD)-It publishes data on foreign trade, industry, food, transport, and science and technology.
- The International Monetary Fund (IMA)-It publishes reports on national and international exchange regulations.
Authorship/Certification - About the author(s)
The article was written by Prachi Juneja and reviewed byManagement study guide content team. The MSG content team is made up of experienced teachers, subject matter experts, and subject matter experts. we are aISO 2001: 2015 certified education provider. For more information, clickAbout us. The use of this material for educational and learning purposes is free. Please credit the content used, including links to ManagementStudyGuide.com and the URL of the content page.
- Market Research - Introduction
- Market Research Limits
- Market research: step by step execution
- Data collection in market research.
- Qualitative and quantitative research - concept
- Types of market studies and their application
- focus groups
- deep interview
- case study
- Projective techniques
- survey method
- Techniques of the survey method.
- observation method
- secondary data
- data sources
- What is big data?
- Big data and the power of prediction
- Scales for measurement adjustment
- draft questionnaire
- Statistical tools and their use - factor analysis
- Conjoint analysis - meaning, uses and its limitations
- ¿Fue Mystery-Shopping?
- regression analysis
- proof of concept
- Brand Health Survey
- Importance of market research for companies in times of unpredictability
- It is not only the data collected that counts, but also the quality of the data.
- What is the Efficient Market Hypothesis and how does it work and how does it not work in practice?