Secondary Market Research
Definition: Secondary market research involves using existing data and information to gather insights without collecting new data firsthand. Methods include analysing news and media sources, government reports, and online databases. Market reports and sales data provide valuable industry trends, while competitor data helps understand market positioning. Academic reports also offer detailed research findings, contributing to a comprehensive view of the market.
Advantages of Secondary Market Research:
- Cheaper than primary research.
- Readily available data saves time.
- Wide range of existing information.
- Historical data is useful for trend analysis.
Disadvantages of Secondary Market Research:
- May not align with specific research needs.
- Potentially outdated data.
- Some reports can be expensive.
- Data quality varies across sources.