Final answer:
Global companies often rely on personal sources, particularly primary source data collection, to gather information. In-depth interviews and focus groups are commonly used methods to obtain quantitative data and valuable insights directly from executives and experts.
Step-by-step explanation:
Global companies obtain as much as two-thirds of the information they need from global executives through personal sources. This method of information gathering is considered a type of primary source data collection. When seeking insights from executives, companies often engage in various forms of research such as in-depth interviews, focus groups, and the analysis of content sources. These methods provide quantitative and qualitative data directly from individuals who possess expert knowledge or firsthand experience relevant to the company’s needs.
Conducting interviews, whether they are in person or via other communication channels, is an efficient way to gather valuable primary data. This data is crucial for making informed decisions and developing business strategies. It is gathered from consulting professionals in specific fields, and from those with direct experience related to the research topic, offering insights that secondary data might not capture.