Secondary Research

• What is the purpose of market research?

  To collect information about the market
• What are the two main types of market research?

  Primary and secondary research
• What is secondary market research also known as?

  Desk research
• What does secondary research involve?

  Gathering existing data that has been produced
• What types of internal research might a business conduct?

  Financial or marketing information
• What is an example of external research?

  Information from market reports
• What can internet research include?

  Data from competitors’ websites
• What type of information do market reports provide?

  Industry-specific information
• How might a business use information from a market report?

  To decide which customers to target
• What type of information do government reports provide?

  General information not usually industry specific
• How can government reports be useful for a business?

  To decide on pay levels for employees
• What are the advantages and disadvantages of secondary research?

  Advantages:

  • Quick and easy to gather
  • Provides industry-specific information
  • Often easy to analyze

  
  

  Disadvantages:

  • Not specific to the business
  • Could be out of date
  • May be biased or inaccurate
• What is a target market?

  A group of customers a business aims at
• Why might secondary research be biased or inaccurate?

  It relies on previously collected data
• What is one example of data that could be found in a market report?

  46% of adults visit coffee shops monthly
• How can secondary research help a business?

  By spotting gaps in the market