2.3 Secondary Market Research

• Internal data is information or data that a business stores within the business, such as saes data. It helps businesses make decisions about new products. All businesses uses this method.
• Advantages of Internal Data:

  • Easy to access
  • Available free of charge.
  • Relates to the specific businesses.
• Disadvantages of Internal Data:

  • Data may be out of date or incomplete.
  • Data may not be relevant when launching a new product.
  • Only relates to the specific organisation.
• Books, Newspapers and Magazines are pieces of information that are online or paper based. All businesses use them.
• Advantages of Books, Papers & Magazines:

  • Easy to access and generally low cost.
  • Trade magazines usually focus on a specific industry.
• Disadvantages of Books, Newspapers, Trade Magazines:

  • Can be biased or inaccurate.
  • Information may be too general or not relevant.