Case Study: Utilizing Data Types for Effective Market Intelligence

This case study provides an overview of various data types crucial for market intelligence. It distinguishes between primary data, which is collected firsthand for specific research objectives, and secondary data, which is gathered from existing sources. The study also explores numerical data, represented in number format and suitable for mathematical operations, and textual data, found in written or transcribed formats like company reports and social media articles. Furthermore, the case study highlights the importance of visual data, including graphical representations, trends, and correlations, which enhance understanding and analysis. Each data type plays a significant role in informing market intelligence strategies for companies seeking to understand market dynamics, customer behavior, and competitive landscapes.

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Case study
Student’s Name
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Types of Data
Data is primarily classified broadly into Primary data and Secondary data.
Primary Data
According to Roy (2017), primary data refers to data collected for a proposed research
from first-hand sources by a researcher using techniques such as administering surveys and
questionnaires, interviewing a set of respondents or conducting experiments with the project at
the back of the mind of the researcher. Roy (2017) further asserts that primary data is gathered in
order to answer a specific research objective.
Secondary Data
Secondary data, on the other hand, refers to the type of data that is gathered from sources
that are already existing such as published research works and studies, surveys or experiments
that were conducted by other people. Secondary data is important in the initiation of any research
since every researcher will have to start research work by looking at the secondary that exists and
support the intended study. Secondary data, therefore, is a good lead for a researcher to
determine where to begin from and what information one would need in order to collect primary
data.
Market intelligence
In a market perspective, both primary and secondary data play critical roles in
determining market information relevant for consumption by a company. The process of
gathering both primary and secondary information about a specific market a company seeks to

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enter is called market intelligence (The Economic Times, no-date). Market intelligence,
however, is said to be multifaceted since it entails gathering information about customers for
example for a company seeking to market products, data on the possibility of growth of such a
company, the share of the market for the company among others. Market intelligence also
enables a company to gather relevant information on the market competitiveness, product
pricing, and profit margins.
Numerical Data
In market analysis, other types of data exist that are equally important and as significant
just like primary and secondary data types. Numerical data, for example, is a type of data that is
collected in number format representing a particular criterion that can only be represented and
utilized in form of a number, for example, collecting data on the number of people who use a
particular product sold by a company. Numerical data is categorically identified by the ability to
perform any mathematical operation using such data. Numerical data sources include but not
limited to Survey data of individuals or aggregate data represented numerically, the company
published transactional data on media, or archives, statistical data retrieved from the internet
through browsing, statistical panel data observed over time. Jackson (n.d) also identifies that
numerical data must have the ability to be presented either as a decimal or fraction.
Textual data
Textual data is a type of data that is represented in a string of text that is collected in
writing, published electronically, or printed formats. Such kind of data is either purposefully
written or transcribed from a speech that represents relevant information to a researcher willing

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to utilize such kind of data. Textual data come in different formats that can easily be utilized by
market researchers. Company reports, market intelligence reports, social media articles, blogs
and reviews all form part of textual data that are useful for market information. Audio files
recorded and published or transcribed also form important aspects of textual data. Companies
can also get relevant market information from other company websites and publications such as
media materials for instance newspapers. Lebart et al, (1997) identify that in order to analyze
textual data, there is need to apply content analysis technique that gives the researcher guideline
on how to access parts of every text without having to consider the meaning of the entire text
material.
Visual data
Apart from textual data, companies also widely use visual data that also carry information
that could be utilized to generate a piece of relevant market information. Visual data is
represented in a way that would help the audience to use the data in fully understanding its
significance by placing that data in the visual presentation. Visually presented data come in
different forms that could prove difficult to present in textual data. Such formats include patterns
such as graphical representation of company data, a trend for example of the performance of a
product in the market, and a correlation. Visual data could also be collected as a photo from
gallery or archives, videos, other websites, maps, heat maps, infographics among others. Rouse
(2018) asserts that visual data makes it possible to achieve interaction enabling those using this
type of data to easily understand, analyze and even critique.

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Benoit, K. (n.d.). Data, Textual. International Encyclopedia of Political Science.
doi:10.4135/9781412959636.n127.
Jackson, C. (n.d.). What is the Numerical Data? - Definition & Examples. Retrieved September
4, 2018, from https://study.com/academy/lesson/what-is-numerical-data-definition-
examples-quiz.html
Lebart, L., Salem, A., & Berry, L. (1997). Exploring textual data (Vol. 4). Springer Science &
Business Media.
M. (2018). What is data visualization? - Definition from WhatIs.com. Retrieved September 4,
2018, from https://searchbusinessanalytics.techtarget.com/definition/data-visualization
Rouse, M. (2018, July 21). What is data visualization? - Definition from WhatIs.com. Retrieved
September 4, 2018, from https://searchbusinessanalytics.techtarget.com/definition/data-
visualization
Roy, E. (2018, June 29). What types of data do you need for your market research? Retrieved
September 4, 2018, from
http://www.tradeready.ca/2017/topics/researchdevelopment/types-data-need-collect-
market-research/
Salkind, N. J. (2010). Primary Data Source. Encyclopedia of Research Design.
doi:10.4135/9781412961288.n333

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The Economic Times. (n.d.). Definition of Marketing Intelligence | What is Marketing
Intelligence? Marketing Intelligence Meaning. Retrieved September 4, 2018, from
https://economictimes.indiatimes.com/definition/marketing-intelligence