QUESTION 1 Company sales invoices, census data, and trade association statistics are examples of: Primary data Imaginary data mines Secondary data Tertiary data Exploratory data QUESTION 2 The first step in the market research process is: Analyzing the internal company database Problem recognition Determining the appropriate research design Internal analysis Reporting and limitations of the study QUESTION 3 A major advantage of primary data collection is that it can be tailored to fit the pertinent research questions.

Answer:

Question 1: Company sales invoices, census data, and trade association statistics can be categorized as different types of data sources. In this case, they can be classified as secondary data sources. Secondary data refers to information that is collected or assembled by someone else, for purposes other than the current research project. It is already available and exists in a form that can be easily accessed and analyzed. Examples of secondary data sources include government reports, market research reports, industry publications, and databases.

Primary data, on the other hand, refers to data that is collected specifically for the purpose of the current research project. It is original and not previously published or available elsewhere. Primary data can be obtained through surveys, interviews, observations, experiments, or other research methods. It can be tailored to fit the pertinent research questions and provide more specific and detailed insights than secondary data.

Imaginary data mines is not a relevant category in this context. Tertiary data also does not apply to the examples given as it refers to a third level or layer of analysis that builds upon primary and secondary data. Exploratory data is not a specific category of data but rather refers to the initial stage of data analysis where researchers explore and summarize data to gain a better understanding of the research topic or problem.

Therefore, the correct answer is: Secondary data.

Question 2: The market research process involves several steps that need to be followed in order to gather and analyze data effectively. The first step in this process is problem recognition. Problem recognition refers to identifying a specific issue or question that needs to be addressed through market research. This step involves recognizing the need for information, understanding the research objectives, and defining the research problem or question in a clear and concise manner.

Analyzing the internal company database is not the first step in the market research process. While internal data analysis can be an important part of market research, it typically occurs after the research problem has been identified and the appropriate research design has been determined.

Determining the appropriate research design is an important step in the market research process, but it is not the first step. Research design involves making decisions about the overall approach and methodology that will be used to collect and analyze data. This includes selecting the appropriate research method, sampling technique, data collection instruments, and data analysis techniques.

Internal analysis and reporting, as well as limitations of the study, are important steps in the market research process, but they typically occur after data collection and analysis have been completed.

Therefore, the correct answer is: Problem recognition.

Question 3: Primary data collection offers several advantages in the context of market research. One major advantage is that primary data can be tailored to fit the pertinent research questions. Unlike secondary data, which is collected for purposes other than the current research project, primary data is specifically collected to address the research objectives and answer the research questions at hand.

This ability to customize data collection ensures that the information collected is directly relevant and can provide detailed insights into the research problem. Researchers have control over the type of data that is collected, the research methods employed, and the questions asked, allowing them to gather the precise information needed to address their research objectives.

Additionally, primary data collection provides the opportunity to collect data that is specific to the research context or target population of interest. Researchers can ensure that the data collected accurately reflects the characteristics, attitudes, behaviors, and preferences of the specific group that is the focus of the research.

Furthermore, primary data collection also allows for the collection of up-to-date and current information. Secondary data sources may contain outdated or incomplete information, as they were collected at a different time and for different purposes. By collecting primary data, researchers have the advantage of obtaining the most recent and relevant information for their research.

However, it is important to note that primary data collection can also be more time-consuming, labor-intensive, and expensive compared to using existing secondary data sources. The process of collecting primary data often requires the development and administration of surveys, interviews, or experiments, as well as the recruitment and participation of research subjects.

In summary, the advantage of primary data collection is its ability to be tailored to fit the research questions, providing specific, relevant, and up-to-date information.