University of Central Florida (UCF) MAR3611 Marketing Analysis and Research Methods Midterm Practice Exam

The two main types of marketing research are primary research and secondary research. Primary research refers to the process of gathering new data that has not been previously collected. This can include surveys, interviews, focus groups, and observations specifically designed to target particular questions or populations that are relevant to the research objectives. This type of research is valuable because it provides firsthand insights that are directly applicable to the specific research needs and can yield rich, actionable data.

On the other hand, secondary research involves analyzing existing data that was collected for other purposes. This can include academic articles, industry reports, market statistics, and any previously gathered information that can provide context or support for new findings. Secondary research is useful for understanding broader trends and accessing information quickly and cost-effectively.

The combination of primary and secondary research allows marketers to gain a comprehensive understanding of the market landscape, customer behavior, and competitive dynamics. This dual approach is foundational in marketing analysis and supports effective decision-making and strategy development.