secondary research

• What is the purpose of market research?

  To collect information about the market or what customers want to help a business be more successful.
• What are the two main types of market research?

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

  Desk research.
• What does secondary market research involve?

  Gathering existing data that has already been produced.
• What are the two sources of secondary research?

  Internal and external sources.
• What could internal research include?

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

  Information from internet research, market reports, and government reports.
• What does internet research include?

  Data taken from competitors’ websites, newspaper articles, and social media.
• 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 that is not usually industry-specific but can still be useful.
• How might a business use government report data?

  To decide what level of pay to offer potential employees.
• What are the advantages of secondary research?

  • Quick and easy to gather
  • Can provide industry-specific information
  • Often easy to analyze
• What are the disadvantages of secondary research?

  • Not specific to the business
  • Could be out of date
  • May be biased or inaccurate
• How does secondary research differ from primary research?

  Secondary research involves gathering existing data, while primary research involves collecting new data.