2.3 - Secondary Market Research Flashcards
What is Secondary Market Research?
Existing information that has been obtained and analysed by others for a another purpose
What are the Advantages of Secondary Market Research?
- It’s cheap to obtain
- it can be obtained quickly as it already exists
- A wide range of information is already available
What are the Disadvantages of Secondary Market Research?
- It may be out of date
- The information may be taken out of context
- It may not provide the exact information needed
What are the sources of Secondary Market Research?
- Internal Data
- Market Reports
- Competitors’ Data
- Books, Newspapers and Trade Magazines
- Government, Statistics and Publications
What is Internal Data?
Information that a business already holds
What are examples of Internal Data?
- Sales Data
- Customer Profiles
- Financial Records
What are Advantages of Internal Data?
- Easy to obtain
- Data is not available to competitors
What are Disadvantages of Internal Data?
- Data may be out of date
- There may not be sufficient information available
What is Competitors’ Data?
Published useful information:
- On their website
- In company literature
- In published accounts
What are Advantages of Competitors’ Data?
- Easy and quick information to obtain
- A cheap source of information about competitors
What are Disadvantages of Competitors’ Data?
- Limited information available
- Must be careful not to take information out of context
What are Advantages of Books, Newspapers and Magazines?
- Easy to obtain
- Can provide background information for a market?
What are Disadvantages of Books, Newspapers and Magazines?
- May lack detail
- Need to read on a regular basis to keep up date
What do Government Publications and Statistics publishes?
- Huge amounts of data through the office of national statistics
- Detailed reports prepared as government action plans
What are Advantages of Government Publications and Statistics?
- Free and regularly updated
- Lots of information is available on a range of topics
