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ACCA Applied Knowledge · Business and Technology · Financial information provided by business

A company's finance director is considering collecting data on customer satisfaction by commissioning a bespoke survey rather than using existing published reports. Which statement correctly describes the trade-off of this choice?

A bespoke survey is a primary source. It can be tailored to the exact information need and its quality controlled, but it is usually more expensive and slower to obtain than existing secondary data such as published reports.

  1. AA bespoke survey is a secondary source that is quicker and cheaper than published reports
  2. BA bespoke survey is a primary source that can be tailored to the need but is usually more costly and slower to obtainCorrect
  3. CA bespoke survey is an internal source because the company commissions it
  4. DA bespoke survey is unreliable because primary data can never be controlled for quality

Explanation

Data collected first-hand for a specific purpose is primary data. It can be designed to fit the exact need and its quality controlled, but collection costs more time and money than using existing secondary data. The secondary option reverses the classification, and the claim that primary data cannot be controlled is false.

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