Secondary Market Research Sources

Question 1

What is Secondary Research?

Answer 1

Collecting data that has already been done before

Question 2

What is the purpose of Secondary Research?

Answer 2

To find out information that has already been explored

Question 3

What are the advantages of Secondary Research

Answer 3

• Low cost
• Easily accessible
• Provides clarification
• Saves time/energy

Question 4

What are the disadvantages of Secondary Research?

Answer 4

• May not answer specific research questions/concerns
• Not be up-to-date
• Not always reliable/relevant

Question 5

What is Secondary Research also known as?

Answer 5

Desk Research

Question 6

What are the 5 main Secondary Research methods?

Answer 6

• Competitors data
• Internal data
• Market reports/purchased market material
• Books/Newspapers/Trade Magazines
• Government publications and statistics

Question 7

What is Internal Data?

Answer 7

Data within an organisation or company with valuable data e.g past figure sales, help identify buying habits

Question 8

What is Books/Newspaper/Trade Magazines?

Answer 8

Data collected from competitors websites, newspaper articles and social media

Question 9

What is Competitors Data?

Answer 9

Company reports/websites are easily accessible, contain a limited amount of information

Question 10

What is Government Publications and Statistics

Answer 10

Government collects a cenus every 10 years, contains information about the demographics of the UK e.g Office for National Statistics

Question 11

What is Market Reports/Purchased Research Material?

Answer 11

Market reports are industry specific, provide specific information about an industry