Secondary Market Research
Business: Cambridge International GCSE (2027 Exams), topic 3.2.4
Secondary Market Research
Secondary market research happens when firms collect information on research that has been performed by other organisations or people. Secondary market research is particularly useful for information about an entire market rather than a specific target market. It is often cheap.
Government reports
- Government reports, for example, market research done by governments contained in reports like the Family Expenditure Survey.
- Newspaper articles and research reports written by independent organisations.
- Other sources include competitor websites, market reports from research firms, trade magazines, and industry publications.
Disadvantages of secondary market research
- The data may be outdated or not relevant to the firm’s specific needs.
- Information might be less reliable as it was collected for other purposes.
- It may lack detail about a firm’s target market, so additional primary research might still be needed.
Test yourself on Secondary Market Research
A government survey of supermarkets is an example of what?
Which of the following is NOT a benefit of secondary market research?