What is the difference between primary and secondary data?

The distinction between primary and secondary data mainly lies in their collection methods and intended purposes. Primary data is defined as information gathered directly from source materials through methods such as interviews, surveys, or experiments, specifically for the current research objective. This means it is tailored to answer the particular research question at hand, providing insights that are directly relevant and recent.

On the other hand, secondary data consists of information that was collected by someone else for a different purpose and is repurposed for new research. This can include existing studies, statistics, or reports that are used to support or compare with current research findings. While secondary data can be useful in providing context, it may not always align perfectly with the current objectives, as it might not address specific research questions or be up-to-date.

Thus, understanding this foundational difference between the two types of data is crucial in marketing, as it helps marketers determine the best sources of information when making decisions or developing strategies.