Secondary Market Research Flashcards

All 11 cards in this deck

What is secondary market research?

Using data that already exists because it was collected earlier for another purpose, either by another organisation or in the business's own records (internal data).

Name four sources of secondary market research.

Newspapers and magazines, the census, websites and internal data.

True or false? A questionnaire is an example of secondary market research.

False. A questionnaire is primary research; websites and the census are secondary sources.

Give one benefit to a small business of using secondary market research.

Any one of: the research has already been carried out so it saves time; it is convenient when customers are hard to reach; government sources provide validated information.

Give one drawback of using websites for secondary market research.

Any one of: they may not give focused information about the business's own idea; they may be out of date and unreliable.

What is the census as a secondary research source?

A government survey of the whole population, giving data such as population size, age and household make-up.

What is internal data as a source of secondary research?

Information the business already holds itself, e.g. its own sales records or customer feedback.

How can newspapers and magazines be used as secondary research?

They contain published articles and market reports, e.g. magazines on healthy eating for a salad bar owner.

Give one use of websites as a secondary research source.

To find published figures such as age-related population data on a local government website.

Give one drawback of using census data for market research.

It is collected only every ten years, so its figures can be several years out of date.

What is another name for secondary market research?

Desk research.