Question

Pei and alex are still in the early stages of planning their new real estate investment business. in addition to doing research on their own, they’ve hired a small market research firm to help them better understand the industry and the market. which type of market research are they most likely performing?

a. primary
b. causal
c. descriptive
d. secondary

Answer 1

Pei and Alex are engaging in primary market research by hiring a firm to collect specific data on the real estate investment industry.

Step-by-step explanation:

Based on the information provided, Pei and Alex are likely performing primary market research. This type of research involves the collection of data that does not already exist, gathered directly by the researchers or hired experts. Since they have hired a small market research firm to better understand the industry and the market, they are collecting first-hand, specific research tailored to their informational needs. Primary market research often includes methods such as surveys, interviews, observations, and experiments, all aimed at gaining insights into consumer behavior, market trends, and competitive analysis specific to their business interests.

Answer 2

Pei and Alex are engaging in primary research by hiring a market research firm to collect new, specific data for their real estate investment business.

Step-by-step explanation:

Pei and Alex are conducting primary research for their new real estate investment business by hiring a market research firm to help them understand the industry and market. Primary research is the process of gathering data first-hand for the specific purpose of the study at hand. This includes activities such as conducting surveys, interviews, and field research.

In contrast, secondary research involves the summary, collation, and/or synthesis of existing research, rather than the collection of new data. Since Pei and Alex's approach involves gathering new data specific to their objective through a market research firm, it fits the definition of primary research.