Final answer:
The two broad types of market research data are primary data, which includes methods like surveys and experiments, and secondary data, which is previously collected data. Each research method chosen, whether observational studies or surveys, has particular strengths and is suited for different types of research questions.
Step-by-step explanation:
There are two broad types of market research data: primary data and secondary data. Within these broad types, there are different categories:
- Primary Data - This includes data collected directly from sources through methods like surveys, interviews, focus groups, and experiments. This data is original and collected for the specific purpose of the study.
- Secondary Data - This encompasses already existing data that was collected for another purpose. It can be internal, coming from within the organization, or external, sourced from outside the organization such as government databases, previous research studies, and other published sources.
When conducting surveys, researchers obtain both quantitative data, which can be analyzed statistically (e.g., demographics like age or race), and qualitative data, which seeks to understand the reasons behind behaviors or attitudes (e.g., why prisoners may seek educational opportunities).
Each research method has its strengths and weaknesses and is suitable for different research questions and objectives. For example, observational studies provide rich detail but may have limited generalizability due to small sample sizes. Surveys, on the other hand, can reach larger samples, allowing for broader generalizations but may involve limitations such as self-reporting biases. Other methods like archival research rely on existing records and can provide cost-effective insights but give researchers less control over the data collected.