Question

What are the four major purposes for collecting secondary data?

a) Market analysis, Product development, Competitor research, Customer feedback
b) Cost analysis, Financial forecasting, Inventory management, Sales tracking
c) Trend analysis, Data validation, Hypothesis testing, Decision-making
d) Problem identification, Feasibility analysis, Policy formulation, Program evaluation

Answer 1

The four major purposes for collecting secondary data are market analysis, product development, competitor research, and customer feedback.

Step-by-step explanation:

The four major purposes for collecting secondary data are:

1. Market analysis
2. Product development
3. Competitor research
4. Customer feedback

Secondary data is collected from sources such as market reports, industry publications, surveys, and government databases. It provides valuable insights into market trends, consumer preferences, competitor strategies, and customer satisfaction. By analyzing secondary data, businesses can make informed decisions and improve their strategies.