Assignment:
As with secondary data, primary data is used to determine the target market, or markets, that may be in need of a product or service. Unlike secondary data, which can be found from existing sources, primary data is gathered by using one or more collection methods. In this assignment, you will identify an existing product or service for which you feel should have primary data gathered. Complete the following for this assignment:
- Describe a possible new consumer product or service to be provided to a specific market by either a real or a fictitious company that you believe should be researched via primary data.
- Select a country in which to market your product or service.
- What are the demographics (for example, age, gender, income, and so on) of the primary target market that you would consider the best fit for your new product or service?
- Explain why you believe it is important to have primary data for the product or service.
- Identify the data that should be gathered through primary research. How would you suggest gathering this data?
- Identify possible mistakes the enterprise providing the product or service might have made, had they relied only on secondary data.