You are tasked with developing a comprehensive marketing research plan for a new business idea of your

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Question:

You are tasked with developing a comprehensive marketing research plan for a new business idea of your choice. Please select a business idea and discuss any two primary and two secondary sources of data that you would utilize for your marketing research plan.

In your response, provide a brief description of your chosen business idea and explain why the selected sources of data are relevant and valuable for your marketing research. Additionally, outline how you would collect and analyze data from these sources to inform your marketing strategy.

Ensure that your discussion covers the following points:

Explanation of the Business Idea

Two Primary Sources of Data

Why are they primary sources?

How will you collect data from these sources?

How will this primary data benefit your marketing research plan?

Two Secondary Sources of Data

Why are they secondary sources?

How will you access and utilize data from these sources?

How will this secondary data complement your primary data and enhance your marketing research plan?

Overall, how will the data from both primary and secondary sources help in making informed marketing decisions for your chosen business idea?

Please be detailed and thoughtful in your response, considering the importance of data in shaping effective marketing strategies for your business concept.