What are the advantages and disadvantages of using primary data source

QUESTION

What are the advantages and disadvantages of using primary data sources and secondary data sources when conducting market research?

What will be an ideal response?

ANSWER

Answer: Secondary data is cheaper and easier to obtain, but it is open to competitors, may not fit a company’s needs, and may be out of date. Primary data is more expensive and harder to obtain, but it belongs exclusively to the company that collects it, it can be tailored to a company’s needs, and it is up-to-date.
Explanation: Secondary data is cheaper and easier to obtain, but it is open to competitors, may not fit a company’s needs, and may be out of date. Primary data is more expensive and harder to obtain, but it belongs exclusively to the company that collects it, it can be tailored to a company’s needs, and it is up-to-date.