Secondary Data Should Always Be Sought Out First to Assist

question 62

Multiple Choice

Secondary data should always be sought out first to assist managers in making a decision. What supports this statement?

• A) The most popular method of collecting data around the world is "paper" (and pencil) surveys.
• B) Secondary information is much cheaper and faster than performing primary research.
• C) Primary information only offers qualitative data.
• D) Secondary information is always more specific to the problem at hand.
• E) Primary information is done through telephone surveys which, in general, people hate responding to.

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Definitions:

Impulse Buying

An unplanned decision to buy a product or service, made just before a purchase.

Behavioral Economics

The study of how psychological, social, cognitive, and emotional factors affect economic decisions and the implications for market prices, returns, and resource allocation.

Retail Stores

Physical or online outlets that sell goods directly to consumers for personal or household consumption.

Behavioral Economist

An economist who studies the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.