Clyde wants to build a new store in the downtown but needs to research the opportunity. A costeffective way to start his research is by:
A) relying exclusively on primary data collection because it can be customized to ensure relevance.
B) collecting secondary data to narrow the list of possible locations, then use the results to focus primary research efforts on a limited number of possible locations.
C) relying solely on secondary data, even if it is insufficient. This allows the firm to free up both time and financial resources for the design and development of the actual store.
D) collecting primary datD. Then, once the primary data is collected, use secondary sources to refine and verify the results.

Question

Clyde wants to build a new store in the downtown but needs to research the opportunity. A cost­effective way to start his research is by:
A) relying exclusively on primary data collection because it can be customized to ensure relevance.
B) collecting secondary data to narrow the list of possible locations, then use the results to focus primary research efforts on a limited number of possible locations.
C) relying solely on secondary data, even if it is insufficient. This allows the firm to free up both time and financial resources for the design and development of the actual store.
D) collecting primary datD. Then, once the primary data is collected, use secondary sources to refine and verify the results.

Quizplus · Accepted Answer

Collecting secondary data first can help Clyde narrow down the list of possible locations and focus on a limited number of options for primary research. This approach can be cost-effective and save time and resources. However, it may still be necessary to collect some primary data to gather more specific information about the chosen locations. Using a combination of primary and secondary data can provide a more comprehensive understanding of the opportunity.

Clyde Wants to Build a New Store in the Downtown