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There are two main types of market research – primary and secondary. Secondary market research, also known as desk research, involves gathering existing data 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 competitors’ websites, newspaper articles and social media. 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 ‘46 per cent of adults aged 35–50 visit a coffee shop at least once a month’. 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 ‘60 per cent of people aged 16–25 would consider working for £6.50 per hour’ or ‘25 per cent of the population is now aged 60 or above’. A business may use this information to decide what level of pay to offer potential employees, who its target market will be or what kinds of products to develop.