What is primary market research?

• A. Data that already exists and has been collected by others
• B. New data collected directly for a specific purpose
• C. Data from experiments in labs
• D. Data from annual reports

Answer: (B)

Primary market research is about gathering new information directly for a specific purpose. It means designing and carrying out data collection to obtain fresh data from people, customers, or markets using methods like surveys, interviews, focus groups, observations, or field experiments. This is different from secondary data, which is data that already exists and was collected by someone else, such as published reports, statistics, or annual reports. While new data can come from experiments, market research focuses on collecting insights relevant to marketing questions in real-world contexts rather than relying on pre-existing sources. So the essence is new data collected directly for a specific purpose.