What type of data would be considered 'Primary Data' in market research?

Primary data refers to information that is collected firsthand for a specific research purpose. This type of data is original and directly relevant to the research problem at hand. When a company conducts surveys, it gathers responses directly from individuals, which allows them to obtain specific insights, opinions, or behaviors related to their product or service.

By conducting their own surveys, companies tailor their questions to fit their unique research objectives, ensuring that the data collected addresses their specific needs. This contrasts with secondary data, which includes information gathered from pre-existing sources, such as industry reports, competitor analyses, or government statistics. While these sources can provide valuable context and background information, they do not offer the customized insights that primary data can provide.