Secondary Market Research Flashcards

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Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What is secondary market research?

Using existing information that has already been collected by others or by the business. Also called desk research.

How is secondary research different from primary research?

Primary collects new data first-hand; secondary uses data that already exists.

Name two internal sources of secondary research.

Sales records and customer databases.

Name three external sources of secondary research.

Government statistics, market reports, and news or trade websites.

Which UK body publishes official statistics useful for secondary research?

The Office for National Statistics (ONS).

What are two advantages of secondary market research?

It is quicker and cheaper than collecting new data.

What are two drawbacks of secondary market research?

It may be old and may not match your exact needs.

How can a business check if secondary data is reliable?

Check the date and source, look for how it was collected, and compare with another source.

Can secondary research be quantitative or qualitative?

Both. It can include numbers (for example, sales data) and opinions (for example, reviews).

How can secondary research help before doing primary research?

It gives background and helps write better questions or choose targets.

What is a market report?

A report from a research agency that shows market size, trends, and competitors.

What does 'fit for purpose' mean when using secondary data?

The data is relevant to your product, customers, place and time.