When is secondary information used correctly?
Answer and explanation
Correct answer: When existing reports or data are used for initial market understanding
Secondary information is data already collected and published by another person or institution, such as reports, official statistics, articles, or earlier studies. It can help an entrepreneur understand market size, trends, or competitors quickly before deciding whether more primary research is needed. A direct new customer response is primary data, while a guess is not reliable evidence.
Frequently asked questions
What is the correct answer to this question?
When existing reports or data are used for initial market understanding
Why is this the correct answer?
Secondary information is data already collected and published by another person or institution, such as reports, official statistics, articles, or earlier studies. It can help an entrepreneur understand market size, trends, or competitors quickly before deciding whether more primary research is needed. A direct new customer response is primary data, while a guess is not reliable evidence.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
