Understand the nature and role of secondary data.
The task of a marketing researcher is to solve the problem in the shortest time, at the least cost, with the highest level of accuracy. Therefore, before any marketing research project is conducted, the researcher must seek out existing information that may facilitate a decision or outcome for a company. Existing data are commonly called secondary data. If secondary data are to be used to assist the decision making process or problem-solving ability of the manager, they need to be evaluated on six fundamental principles: (1) purpose – how relevant are the data to achieving the specific research objectives at hand?; (2) accuracy of information; (3) consistency – do multiple sources of the data exist?; (4) credibility – how were the data obtained? What is the source of the data?; (5) methodology – will the methods used to collect the data produce accurate and reliable data?; and (6) biases – was the data – reporting procedure tainted by some hidden agenda or underlying motivation to advance some public or private concern?