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Business Decision

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Introduction

For a business to be successful, it is vital to know the market and customers profile. This can be done by an intensive research through various methods of data collection which will help to making decision about a new venture. Market research can help create a business plan, launch a new product or service, fine tune existing products and services, expand into new markets etc. It can be used to determine which portion of the population will purchase the product/service, based on variables like age, gender, location and income level. It can be found out what market characteristics your target market has. With market research companies can learn more about current and potential customers. The purpose of market research is to help companies make better business decisions about the development and marketing of new products. Market research may also aid to the marketers to understand the customer and customer behavior and also help to know how and which type of product has been satisfies the customers.

According to Kotler and et al (2008)-(Pg-333),“Marketing research is the systematic design, collection, analyses and reporting of data relevant to a specific marketing situation facing on organization.”

Primary Data

Primary data is specific information that is collected directly by the person who analyses the data and information also doing research. Primary data are collected for the first time. This data has not been published before collection.

According to Avasarikar et al (2007)-(Pg-3.8) “It is the data collected for a specific purpose or for a particular objectives. It is customised according the requirements of the researcher. It exclusively focuses on current research problem.”

As per Kotler and et al (2008)-(Pg-334), “Primary data is a information collected for the specific purpose at hand.”

Purpose and advantages of

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