Methods of market research â secondary research
There are two main types of market research Market research is the process of collecting information about the market or what customers want that might help a business to be more successful and spot gaps in the market. â primary and secondary. Secondary market research, also known as desk research, involves gathering existing dataFacts and statistics collected together for reference or analysis. that has already been produced. Secondary research can be collected from both inside (internal) and outside (external) a business. Internal research could include financial or marketing information, such as how many people previously responded to an advert sent out by the business. External research could include information from internet research, market reports and government reports.
Internet research
Internet research includes data taken from competitorsâ websites, newspaper articles and social media Social media is an interactive computer based technology that allows the user to create and to share information and ideas through virtual communities and networks. . This provides a business with an overview of information relating to its industry and the types of products and services other businesses offer.
Market reports
Market reports are industry specific. They may give specific information about an industry as a whole. An example of information that could be found in a market report would be â46 per cent of adults aged 35â50 visit a coffee shop at least once a monthâ. This could help a business decide which customers to target.
Government reports
Government reports may consist of general information that is not usually industry specific but can still be useful for a business. Examples include â60 per cent of people aged 16â25 would consider working for ÂŁ6.50 per hourâ or â25 per cent of the population is now aged 60 or aboveâ. A business may use this information to decide what level of pay to offer potential employees, who its target marketA group of customers which a business aims its product or services at. will be or what kinds of products to develop.
Advantages of secondary research | Disadvantages of secondary research |
Quick and easy to gather | Not specific to the business |
Can provide industry-specific information | Could be out of date |
Often easy to analyse | May be biased or inaccurate |
Advantages of secondary research | Quick and easy to gather |
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Disadvantages of secondary research | Not specific to the business |
Advantages of secondary research | Can provide industry-specific information |
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Disadvantages of secondary research | Could be out of date |
Advantages of secondary research | Often easy to analyse |
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Disadvantages of secondary research | May be biased or inaccurate |