1.1.2 Market Research (3/4) - Secondary research

Question 1

Secondary Research

Answer 1

Involves the collection of secondary data ( Data which already exists)

Question 2

Advantages of using secondary data - 2

Answer 2

1) Free + easy to obtain

2) Quick to access + use

Question 3

Disadvantages of using secondary data - 3

Answer 3

1) Information can be out of date

2) Unreliable ( How do you know if it’s true?)

3) Maybe irrelevant - secondary data is for the use for the provider not you so data may not be relevant for your research

Question 4

Secondary data can either be what?
I & E

Answer 4

Internal data & external data

Question 5

Internal data

Answer 5

Information generated from within a business

Question 6

Examples of internal data

2

Answer 6

• Annual reports (financial reports)

- Sales figures

Question 7

External data

Answer 7

Information generated from outside a business

Question 8

Examples of external data - 3

Answer 8

• News
• Government sources
• Trade journals