Secondary Market Research
- Secondary research involves the collection, compilation, and analysis of data that already exists
Diagram of Secondary Research Sources
Businesses can consult a wide range of secondary sources to gather market research data
- Government Publications: National governments and trading blocs such as the EU publish reports and statistics on topics such as the economy, demographics, industry trends and consumer behaviour
- Academic Institutions: Universities and research institutions conduct studies and publish research papers which provide valuable insights and data on specific industries, consumer behaviour and market trends
- E.g. Stanford University is a globally significant research centre for engineering and medicine
- E.g. Stanford University is a globally significant research centre for engineering and medicine
- Industry Associations: Trade associations and industry-specific organisations provide detailed information about specific sectors, including market size, growth rates and industry benchmarks
- E.g. The International Organisation of Motor Vehicle Manufacturers conducts and collates research on production and sales statistics
- E.g. The International Organisation of Motor Vehicle Manufacturers conducts and collates research on production and sales statistics
- Specialist Market Research Reports: Companies specialising in market research produce and sell in-depth reports on various industries, markets and consumer trends
- E.g. Mintel is one of the leading private companies supplying market research information
- E.g. Mintel is one of the leading private companies supplying market research information
- Financial Reports: Public limited companies are required to publish annual reports which can provide valuable information about a company's performance, market position and future plans
- Online Databases: There are various online databases and research platforms that provide access to a wide range of secondary market research
- E.g. Statista and Euromonitor International make a large volume of data on international commerce available
- E.g. Statista and Euromonitor International make a large volume of data on international commerce available
- Media Sources: Newspapers, magazines and online publications often contain articles, opinion pieces and investigative reports that can offer insights into market trends, consumer behaviour and industry developments
- E.g. The Financial Times and the Wall Street Journal
Choosing the most appropriate sources
- Businesses must weigh up the reliability of secondary market research and aspects such as cost, relevance and availability of data when making a decision on which secondary data to use
Advantages & Disadvantages of Secondary Market Research
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