Firms embark on research to uncover information about consumer preferences, the level of competition in the market, responses to advertisement etc.
Sources of Information
Data may be collected from primary or secondary sources.
Primary data is originally collected data. This data will be obtained by interviewing, observing or distributing questionnaires to the sample population.
(b) Secondary Data
Secondary data is information that has already been collected by someone else originally. This data will be therefore obtained from books, newspapers, magazines, libraries and publications of various institutions.