Secondary-Market-Research

Sources of secondary research

• Secondary research involves the collection, compilation, and analysis of data that already exists

• Businesses that have been trading for some time will have access to a range of internal data, such as sales figures, customer records and the impact of marketing campaigns

  • This information is free, and cannot be accessed by rival businesses

• In many cases, they will also look at external sources to improve market understanding

Sources of secondary research

Government publications

• National governments and trading blocs such as the EU publish reports and statistics on topics such as the economy, industry trends and consumer behaviour

• Each decade, the government conducts a comprehensive national survey, called the census

  • Businesses can use the census to identify key demographic features of the population, such as age, beliefs and gender, that may inform their business planning

Online sources

• Online databases

  • There are various online databases and research platforms that provide access to a wide range of secondary market research 

    • E.g. Statista and Euromonitor International make a large volume of data on international commerce available

• Financial reports

  • Public limited companies publish their annual reports online

  • These can provide valuable information about a competitor’s performance, market position and future plans

• Specialist market research reports

  • Companies specialising in market research produce and sell in-depth reports on various industries, markets and consumer trends

    • E.g. Mintel is one of the leading private companies supplying market research information

• Industry associations

  • Trade associations provide detailed information about specific sectors, including market size, growth rates and industry benchmarks

    • E.g. The International Organisation of Motor Vehicle Manufacturers conducts and collates research on production and sales statistics

• Academic institutions

  • Universities and research institutions conduct studies into consumer behaviour and market trends

  • Research papers are often published online which provide valuable insights and data on specific industries,

    • E.g. Stanford University is a globally significant research centre for engineering and medicine

Media sources

• Newspapers, magazines and online publications often contain articles, opinion pieces and investigative reports that can offer insights into market trends, consumer behaviour and industry developments

  • E.g. The Financial Times and the Wall Street Journal

• Businesses must weigh up the reliability of secondary market research

  • Aspects such as cost, relevance and availability of data will affect the decision on which secondary data to use

Advantages and disadvantages of secondary market research