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Market Research Techniques: Primary and Secondary Market Research

What is secondary market research?

❶This type of research can prove useful both in terms of primary market research and secondary market research.

Where to find secondary research

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Your choices will not impact your visit. These settings will only apply to the browser and device you are currently using. April 4, 0. Survey Interviews Direct Observations Focus groups organized for carrying on research.

Information that is available on the internet. The prevailing or existing results of market research. Data available on stock lists and from consumer databases.

Surveys conducted to assert customer refund frequency. Figures about sales Sales number related to industry products Telephonic or online questionnaires Trends pertaining to finance. While some businesses need annual reports, financial reports, and other statistical data to complete their research, others might need local information, consumer information, industry survey reports, etc.

You too must chart out the various types of data your business requires to go ahead with your operations or product launch, etc.

Now that you know the exact kind of data you need, you must try to find out the sources that can actually provide you with suitable information. You must start by thinking that the source is likely to provide you with the most relevant information for you requirement.

For example, your previous balance sheets and company data may help you figure out past record or monitor your performance whereas government sources are known for publishing information related to business conditions and so on. Thus take the time to evaluate which source to turn to and which to leave. The following is some more information on the various sources available:.

Internal sources are the kinds of sources of secondary market research which provide data that has been previously collected or gathered by a business as a part of research. The information of the internal sources is filed in the database of the business or company so that it can be used for future reference purpose. This information is highly valued since based on it; most businesses can evaluate market trends, their capacity, and capabilities etc.

The following are some examples of internal sources:. Internal sources of data must always act as the first line of research for businesses since they give out a lot of useful data in the cheapest, easiest and least time-consuming way. Moreover, internal data is exclusive to the business, and no other rival company can benefit from it.

Unlike internal sources, external sources do not consist of any personal or exclusive data. This source can be used if data collected from internal sources does not prove to be sufficient. There are many kinds of external sources, and there is endless data that can be collected from them. One must exercise a restricted and controlled approach when it comes to using external sources, to avoid collecting a large amount of useless data.

The following are some of the main external sources available:. When you start conducting your secondary market research you have to understand the limitations and boundaries of the research, analyzing the public point of view, as well as select carefully the sources. Here are the details:. E-mail is already registered on the site. Please use the Login form or enter another. You entered an incorrect username or password. In this article, we will look at 1 an introduction to the Channels building block, 2 channel ….

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Secondary research uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It's usually published in pamphlets, newsletters, trade publications, magazines, and newspapers.

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Secondary market research is usually thought of in terms of two categories: Information from internal sources (held by a particular company or agency), and information from external sources (held outside of a particular business enterprise, organization, or agency).

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Secondary Market Research Secondary research is based on information from studies previously performed by government agencies, chambers of commerce, trade associations, and other organizations. For example, U.S. Census Bureau information and Nielsen ratings are secondary market research. SECONDARY MARKET RESEARCH. Secondary market research is mainly based on collecting information from different sources and then coming to a conclusion. The following are the two main types of Sources of Secondary market research data: Internal sources.

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Market research can be classified as either primary or secondary research. The difference is quite simple, yet there is often confusion around this topic. The difference . Secondary market research can very simply be stated as research which can be done from your desk or without getting involved in the field. This type of market research is quite popular nowadays simply because most of the data is available online and you can either buy a report or research online.