What are the Advantages and Disadvantages of Secondary Research?
Advantages:
Cost-Effective: Since the data is already available, it reduces the cost of conducting primary research. Time-Saving: It allows entrepreneurs to quickly gather information without the need for data collection efforts. Broad Scope: Secondary research can provide a comprehensive overview of a wide range of topics.
Disadvantages:
Relevance: The data may not be directly applicable to the specific needs of the entrepreneur's business. Timeliness: Secondary data may be outdated or not reflective of current market conditions. Accuracy: The quality and reliability of the data depend on the original source, which may sometimes be questionable.