Goes By This technique is also known as Desk Research. Only if you are falling short of more information should you opt for other methods of research. You must start by thinking that the source is likely to provide you with the most relevant information for you requirement.
Profit and loss statements — These financial statements to act as internal sources and can be referred to for future projects and to study earning trends.
Every business must thus take into consideration the time spent as well as the expenses that will be incurred by gathering secondary market data. Internal Sources Internal sources are the kinds of sources of secondary market research which provide data that has been previously collected or gathered by a business as a part of research.
To know more about secondary market research, you can read the following given information. This step helps narrow down the topic and also allows researcher to have an active role in conducting the research.
Understand the boundaries of researching — One of the first tips that one can follow to conduct a secondary market research effectively and efficiently is to understand and follow the limits and boundaries of researching. Advantages of secondary market research The following are some of the main advantages and benefits of secondary market research: Highly cost and time effective — On comparing with primary market research, secondary market research proves to be very time and cost effective.
Balance sheets — Most businesses collect and file all their balance sheets because these documents can help establish trends, figure out stats and offer insights for future projects.
When you know the sources, the search process will become much easier. Thus as a business it is your responsibility to consider and check for the credibility of the source and accuracy of the data. In most cases, internal sources may fulfill your requirement and may provide information that applies to your current objectives as well.
When this form of research is done, then the business can easily form a hypothesis and fathom the efforts as well as the money required to conduct primary research work. Where can you find the required information?
Moreover, it is best to avoid trusting information on independent web pages as it may be incomplete or wrong. This data can also be used or bought by rival companies for their research purposes. There are many more questions that you will need to ask yourself before you set out looking for data.
Not only do these associations provide contact names but also help to scan through business reports and findings from all over the world.Secondary Research is of value when information is compared and analyzed, when the researcher performs a critical review of the data, and when the researcher comes up with actionable findings to move the project forward.
Most research requires the collection of primary data (data that you collect at first hand), and this is what students concentrate on. Unfortunately, many research reports do not include secondary data in their findings section although it is perfectly acceptable to do so, providing you have analyzed it.
• Analysis of secondary data, where “secondary data can include any data that are examined to answer a research question other than the question(s) for which the data were initially collected”.
Learn the difference between primary research performed to meet specific needs and (the more general) secondary research. Learn the difference between primary research performed to meet specific needs and (the more general) secondary research.
Exploratory research does not aim for specific results or data points—it is more open. Secondary data is something that seldom fits in the framework of the marketing research factors.
Reasons for its non-fitting are: Unit of secondary data collection-Suppose you want information on disposable income, but the data is available on gross income.
The information may not be same as we. Video: Secondary Data in Marketing Research: Definition, Sources & Collection Marketing research requires data, and secondary data is often the most convenient and cost-effective option.Download