Secondary market research

• What is the key difference between secondary and primary research data?

  Secondary data already exists
• Secondary data is information that already existed
• Secondary research data is created for a specific research purpose.

  False
• What are some examples of secondary research data sources?

  Market reports, trade associations
• Market reports are often produced by specialist market research businesses
• Trade and industry associations often produce reports on specific market trends.
• What is the role of trade and industry associations in secondary research?

  Act as industry clubs
• Steps involved in using secondary research for business decisions:

  1️⃣ Identify research objectives

  2️⃣ Gather secondary data from relevant sources

  3️⃣ Analyze secondary data to extract insights

  4️⃣ Use insights to inform business decisions
• Sales transactions can be used as secondary research data.
• What is an example of analytical software used for secondary research?

  Google Analytics
• One advantage of secondary research is that it is often fairly easy to find.
• How much might a detailed market report cost?

  A few hundred pounds
• Specialist reports can be quite expensive depending on their source.