Q. 5 Discuss the nature and types of secondary data
sources. Also discuss the data research procedure.
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Answer Posted / Shailendra Singh Chauhan
Secondary data refers to data that has already been collected by someone else for a purpose other than the immediate information need. The nature of secondary data sources can vary widely, but they are typically less expensive and quicker to obtain than primary data.nnTypes of secondary data sources include:
1. Published reports and statistics: Government reports, industry association reports, market research reports, and academic publications.
2. Commercial databases: Databases that contain market data, financial information, and consumer behavior data.
3. Internal records: Sales records, customer data, and market research conducted by the company itself.
4. Online sources: Websites, blogs, social media, and online forums.nnThe data research procedure involves the following steps:
1. Identify the information need.
2. Determine whether primary or secondary data is required.
3. Search for relevant secondary data sources.
4. Evaluate the quality and relevance of the data.
5. Collect and organize the data.
6. Analyze and interpret the data.
7. Draw conclusions and make recommendations.
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