Which statement best describes primary data?

Which statement best describes primary data?

• A. It is newly collected information for a specific purpose
• B. It is the same as secondary data
• C. It is information from trade magazines
• D. It is historical market data

Answer: (A)

Primary data is information collected directly for a specific purpose, by the researcher, to answer a particular question. Because it’s gathered anew, it’s tailored to the study and usually more relevant and up-to-date for the objective. Examples include conducting surveys, interviews, experiments, or direct observations. This differs from data found in trade magazines or other published sources, which is secondary data — information that already exists and wasn’t created for your current project. Historical market data typically falls into the same category, as it’s past data collected by others and reused for analysis rather than collected anew for your specific study. So the description of primary data as newly collected information for a specific purpose is the best fit.

Primary data is information collected directly for a specific purpose, by the researcher, to answer a particular question. Because it’s gathered anew, it’s tailored to the study and usually more relevant and up-to-date for the objective. Examples include conducting surveys, interviews, experiments, or direct observations.

This differs from data found in trade magazines or other published sources, which is secondary data — information that already exists and wasn’t created for your current project. Historical market data typically falls into the same category, as it’s past data collected by others and reused for analysis rather than collected anew for your specific study. So the description of primary data as newly collected information for a specific purpose is the best fit.