What is the basic difference between primary and secondary data and what are the advantages and disadvantages of each?

What is the basic difference between primary and secondary data?

Primary data refers to the first hand data gathered by the researcher himself. Secondary data means data collected by someone else earlier. Surveys, observations, experiments, questionnaire, personal interview, etc.

What are the advantages and disadvantages of secondary data?

Advantages And Disadvantages Of Secondary DataEase of access. The secondary data sources are very easy to access. ... Low cost or free. ... Time-saving. ... Allow you to generate new insights from previous analysis. ... Longitudinal analysis. ... Anyone can collect the data. ... A huge amount of secondary data with a wide variety of sources.Secondary Data: Advantages, Disadvantages, Sources, Types

What are the advantages and disadvantages of primary data?

Pros and cons of primary researchAdvantages of primary research – Data collected is up-to-date, relevant and specific to your research objectives. ... Disadvantages of primary research – It can be expensive, time-consuming and take a long time to complete if it involves face-to-face contact with customers.Advantages of primary and secondary market research - Start Up Loans

What are some of the advantages of secondary data more specifically what are the advantages of secondary data over primary data?

Advantages of Secondary data It is economical. It saves efforts and expenses. It is time saving. It helps to make primary data collection more specific since with the help of secondary data, we are able to make out what are the gaps and deficiencies and what additional information needs to be collected.