Which statement best describes the difference between primary and secondary market research?

• A. Secondary market research analyzes existing data.
• B. Primary market research collects new, firsthand data (surveys, interviews).
• C. Primary research analyzes existing data.
• D. Secondary research collects new data.

Answer: (B)

The key difference is where the data comes from: primary research involves collecting new, firsthand data specifically for your current need (for example, conducting surveys or interviews), while secondary research uses data that has already been collected by others (such as published reports, government statistics, or company records). That’s why the statement describing primary research as collecting new, firsthand data best captures the contrast.

The other options mix up aspects of data origin or data collection. Saying secondary research analyzes existing data is true in spirit, but it doesn’t define the core distinction or emphasize that the data is not newly collected. Claiming that primary research analyzes existing data is incorrect because primary data are newly collected, not existing. Claiming that secondary research collects new data is false because it relies on data that already exists.