For example, the owner of a cupcake shop would want to know all about a neighborhood before opening a new store there. Using information gleaned from secondary sources, the owner can uncover all kinds of demographic information, including detailed income data and spending patterns.
Secondary research lays the groundwork, while primary research fills in the gaps. By using both types of market research, small business owners get a well-rounded view of their markets.
You might look in journals, libraries, or go to online sources like the US census. You will apply what you find to your personal research problem, but the data you are finding was not originally collected by you, nor was it obtained for the purpose you are using it for. I hope that makes sense. If not, read on for some examples and a little more detail.
The downside, of course, is that you may not be able to find secondary market research information specific enough or recent enough for your objectives. Sources of Secondary Data Secondary data comes in all sorts of shapes and sizes.
There are plenty of raw data sources like the US Census , Data. Internal company data like customer details, sales figures, employee timecards, etc. Published articles, including peer-reviewed journals, newspapers, magazines, and even blog postings like this count as secondary data sources.
You may change your settings at any time. Your choices will not impact your visit. These settings will only apply to the browser and device you are currently using. April 2, 0. The examples of secondary research include the following: Information available on the internet.
Prevailing results of market research. Information obtained from various agencies such as government and industrial bodies, trade associations, libraries and local council. All this is likely to impact the results and so the performance of the company Quantitative and Qualitative Research Quantitative research involves the gathering of numerical data and includes the following: Surveys to collect information about the frequency at which customer return.
Information about sales figures Surveys to gather data about industry product sales figures. Existing financial scenario or trend Phone or online questionnaires. Qualitative research helps in the following areas of a business: Identification of the size of the market. Market worthiness to a business. Finding new areas of business. Demography of consumers such as the gender of the consumers, their age etc.
This type of research can prove useful both in terms of primary market research and secondary market research. Some of the common examples of quantitative research include exit surveys, questionnaires, on-site fieldwork and the shopping bag survey.
Types of Secondary Market Research Methods. The type of market research information gathered defines it as either quantitative or qualitative. Quantitative Method of Market Research; The research conducted to gather numerical data is defined as quantitative method of market research and it includes the following: Surveys conducted to assert customer refund frequency. Figures about sales; Sales .
Secondary research enables an organization to get the utmost information about the market. But even then it may prove as a challenging task for a business to unearth the information that the business actually wants. For gaining first knowledge about the market, secondary research is the best. Secondary research uses outside information assembled by government agencies, industry and trade associations, labor unions, media sources, chambers of commerce, and so on. It's usually published in pamphlets, newsletters, trade publications, magazines, and newspapers.
Earlypad has made a list of types and methods of secondary market research to help the startups and SMEs to understand the prominence of Market Research. Primary research usually costs more and often takes longer to conduct than secondary research, but it gives conclusive results. Secondary research is a type of research that has already been compiled, gathered, organized and published by others.