[Updated] Primary & Secondary Research - An Introduction
Summary
TLDRThis video explores the role of primary and secondary research in strategic planning. It outlines the benefits and drawbacks of each, using the example of a cafรฉ conducting competitor analysis. Secondary research involves gathering existing data, which is quick and cost-effective but not always specific. Primary research, on the other hand, is tailored but can be time-consuming and expensive. The video suggests starting with secondary research before considering primary research to make informed strategic decisions.
Takeaways
- ๐ Strategic planning involves conducting various types of research and analysis, including both secondary and primary research.
- ๐ Secondary research involves collecting existing data, such as financial results and online presence of competitors, from business databases and online platforms.
- ๐ Primary research is conducted specifically for the organization's needs and can include questionnaires, focus groups, and tracking online behaviors.
- ๐ Marketers use qualitative and quantitative research methods, and consider terms like validity and reliability when assessing research data quality.
- ๐ The gathered data is used for internal and external analysis, such as SWOT and Porter's Five Forces, to inform strategic decisions.
- ๐ข The example of the French Cafe illustrates how a business might conduct secondary research by accessing public databases and online sources.
- ๐ Secondary data is characterized by being readily available, quick to obtain, and low-cost, but it may not be directly targeted to specific needs.
- ๐ฏ Primary data is tailored to the organization's specific requirements and can provide more targeted insights, though it is more time-consuming and costly.
- ๐ค Organizations must decide whether secondary data is sufficient or if they need the more targeted information that primary research offers.
- ๐ก A combination of secondary and primary research is often optimal, with secondary research typically conducted first to ensure resourceful spending.
- ๐ For further learning, the video suggests additional resources, including books on market research, statistics, and marketing principles.
Q & A
What are the two main types of research discussed in the script?
-The two main types of research discussed in the script are primary and secondary research.
What is the purpose of conducting research during strategic planning?
-The purpose of conducting research during strategic planning is to gather information that aids in understanding the business environment, identifying opportunities and threats, and making informed strategic decisions.
What is the difference between primary and secondary data?
-Secondary data is information that has already been collected for another purpose and is readily available. Primary data, on the other hand, is collected specifically for the research at hand and is tailored to the organization's specific needs.
What are some examples of secondary data sources mentioned in the script?
-Examples of secondary data sources mentioned include business databases, commercial industry databases, competitors' websites, social media sites, online search results, and customer reviews on platforms like TripAdvisor.
What are some methods of collecting primary data as described in the script?
-Methods of collecting primary data described in the script include designing questionnaires, conducting focus group interviews, setting up specific goals in Google Analytics, tracking social media interactions, and observing customer behavior both online and in-store.
Why is validity an important term when checking the quality of research data?
-Validity is important because it refers to the accuracy and truthfulness of the data, ensuring that the data collected actually measures what it is intended to measure.
Why is reliability significant in research data quality?
-Reliability is significant because it ensures that the data collected is consistent and can be replicated, providing dependable results that are not influenced by random errors.
What is a SWOT analysis and how does it fit into the strategic planning process?
-A SWOT analysis is a strategic planning tool used to identify Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning. It helps in summarizing research findings and informing strategic decisions.
What is the TOWS matrix and how does it relate to strategic options?
-The TOWS matrix is a strategic planning tool that builds on the SWOT analysis. It helps in identifying strategic options by considering how to leverage strengths and opportunities, mitigate weaknesses, and counter threats.
Why is it recommended to conduct secondary research before primary research?
-Secondary research is recommended before primary research to ensure that resources are spent wisely. It allows organizations to gather existing information quickly and at a lower cost before investing time and money into more targeted primary research.
What are the advantages and disadvantages of secondary data mentioned in the script?
-The advantages of secondary data are that it is relatively quick, easy, and low cost to obtain. The disadvantages are that it is not targeted directly at specific information needs.
What are the advantages and disadvantages of primary data according to the script?
-The advantages of primary data are that it is targeted specifically to individual needs. The disadvantages are that it is relatively time-consuming, complex to carry out, and therefore also relatively costly.
Outlines
๐ Strategic Planning and Research Types
This paragraph introduces the concept of strategic planning and the importance of conducting various types of research and analysis. Marketers discuss the collection of secondary and primary data, which are integral to this process. The learning goals for the video are outlined, focusing on establishing a connection between these research types and the broader strategic planning process. It also aims to provide an understanding of what primary and secondary data are, their respective pros and cons, and how to conduct them. The paragraph sets the stage for a detailed discussion on how organizations use qualitative and quantitative research, surveys, and analysis techniques like validity and reliability checks to inform their strategic decisions. It introduces the example of 'The French Cafe,' which is looking to understand its competitive landscape better.
๐ Exploring Secondary and Primary Research
The second paragraph delves into the specifics of secondary and primary research, using 'The French Cafe' as a case study. Secondary research, also known as desk research, involves gathering existing data that wasn't originally created for the cafe's needs. This can include business databases, financial accounts, competitor websites, social media, and customer reviews on platforms like TripAdvisor. The benefits of secondary data are its quick, easy, and low-cost nature, but it may not be directly targeted to the cafe's specific needs. On the other hand, primary research is conducted specifically for the cafe's needs, such as through questionnaires, focus groups, Google Analytics, and customer observations. While primary data is more targeted and beneficial, it is also more time-consuming, complex, and costly. The paragraph concludes by discussing the decision-making process for conducting primary research, emphasizing the importance of resource allocation and the potential need for a combination of both research types for optimal strategic planning.
Mindmap
Keywords
๐กStrategic Planning
๐กSecondary Research
๐กPrimary Research
๐กQualitative Research
๐กQuantitative Research
๐กValidity
๐กReliability
๐กInternal Analysis
๐กExternal Analysis
๐กSWOT Analysis
๐กTowers Model
Highlights
Organizations conduct various research and analysis during strategic planning.
Marketers discuss collecting both secondary and primary data.
The video aims to connect primary and secondary research with strategic planning.
Understanding the difference between primary and secondary data is crucial.
Primary data is collected specifically for a particular purpose.
Secondary data is pre-existing and not originally collected for the current need.
Strategic planning involves qualitative and quantitative research.
Validity and reliability are critical terms for assessing research data quality.
Internal analysis includesๅฎก่งๅ ฌๅธ่ดฆๆทใๅไธๆจกๅผๅๆ ธๅฟ็ซไบๅ็ญ.
External analysis may involve PEST, Porter's Five Forces, and competitor analysis.
SWOT analysis is used to summarize research findings.
The TOWS matrix helps identify strategic options.
The French Cafe example illustrates the application of research in a real-world scenario.
Secondary research includes accessing business databases and online platforms for competitor information.
Primary research involves designing questionnaires, conducting interviews, and observing customer behavior.
Secondary data is quick, easy, and low-cost to obtain but may not be directly targeted.
Primary data is targeted but can be time-consuming, complex, and costly.
A combination of secondary and primary research is often optimal if resources allow.
Marketers recommend conducting secondary research before primary to allocate resources wisely.
The video concludes with recommendations for further learning in marketing and strategic planning.
Transcripts
[Music]
when organizations enter into strategic
planning they conduct different types of
relevant research and analysis as part
of this process
marketers talk about collecting
secondary and primary data let us list
the learning goals for this video
firstly the goal is to establish a
connection between primary and secondary
research and the rest of the research
analysis and strategic planning process
secondly the goal is to gain an
understanding of what primary and
secondary data is the pros and cons of
each and how we can conduct these two
types of research so let us begin when
organizations enter into strategic
planning they conduct different types of
research and analysis they might conduct
both secondary and primary research they
will consider using qualitative and or
quantitative research and different
survey types they would check the
quality of their research data by
critically applying the terms validity
and reliability the gathered data might
be used in a process of conducting
different analysis internal analysis
which could include a look at the
company accounts current business model
core competencies and others and
external analysis such as pest Porter's
five forces competitor analysis and
others and ultimately they might
summarize all their research in a SWOT
analysis this might be followed by a
towers model in order to identify
several strategic options to choose
between this will enable them to make
informed strategic decisions about which
direction to take primary and secondary
research is what we will address in this
video so what is primary and secondary
research and how could we go about
collecting these two
of data let us use an example this Cafe
is located in a large city close to a
busy high street it is called the French
cafe and it specializes in serving high
quality cakes and desserts
the French Cafe is experiencing
increasing competition from both
existing competitors and new cafes
opening up all around the area motivated
by his curiosity to find out more about
the competitors the owner of the French
cafe has decided to do some research so
what kind of information could the
French cafe collect they could access
business databases to find details about
each competitor such as their financial
results and some commercial industry
databases open for more detailed company
information at a fee to compare with
their own internal situation they could
gather information from their own
financial accounts they could visit the
competitors websites social media sites
and perform online searches to collect
information about the different
competitors online presence and
communication style they could also
access TripAdvisor or similar platforms
to find out how customers review the
competitors we call this type of
research secondary or desk research so
let us take a look at the
characteristics of secondary data
secondary data has not been created or
published for the benefit of the French
cafes competitor analysis it has
originally been created for a general
purpose aimed at a variety of people or
businesses secondary data is already out
there just waiting to be found and
explored the benefits of secondary data
is that it is usually relatively quick
easy and low cost to obtain however the
disadvantage of secondary data is that
the information is not targeted directly
at French cake specific information
needs
now let us imagine that French cakes
would like to obtain some information
which is targeted specifically at their
own information needs they could design
a suitable questionnaire and interview
customers they could invite customers
for a focus group interview they could
set up specific goals in their Google
Analytics to track on their website how
users interact with their online booking
feature and they could track social
media interactions they could also carry
out other observations of customers
behavior both on the website and in the
cafe this type of research is called
primary or field research so let us take
a look at what characterizes primary
data primary data is generated
specifically for us and for our specific
purpose primary data is not already out
there in the form that we require it we
could argue that the online behavioral
data already exists but French cake's is
now setting up specific filters to track
and show an exact behavior the benefit
of primary data is clearly that it is
targeted specifically to our individual
needs however the disadvantage is that
it is relatively time consuming complex
to carry out and therefore also
relatively costly so what is best
secondary or primary research in our
example French cakes would have to
decide whether or not the secondary
information they could gather would be
sufficient to make decisions upon or
whether they're in need of more targeted
information a need for targeted
information would create the need for
conducting primary research in that case
French cakes would have to consider the
different kinds of information they
could collect by a primary research and
whether or not they have both the time
the money the people and the skills
required to carry out relevant primary
research no two cases are the same but
if time money and competencies allow a
combination of secondary research and
carefully designed primary research is
often the optimal solution as marketers
we would usually recommend conducting
the secondary research first and primary
second this is to make sure we spend our
resources wisely we have now established
a connection with the rest of the
research analysis and strategic planning
process and subsequently we have used an
example to illustrate what primary and
secondary research is we have
highlighted the pros and cons of each
and how we can conduct these two types
of research if you want to learn more
about research analysis and strategic
planning or about other marketing
related subjects then I suggest that you
watch additional videos on this channel
to further support and substantiate your
learning I recommend that you read
market research and statistics by 4-band
others as well as principles and
practice of marketing by Java and if
you're able to read Danish international
markets viewing via all is Anacin and
others my name is Tina Wade thank you
for watching
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