When a market research project is only a glimmer in the eyes of an investigator, the first question that arises is whether the desired information already exists in one form or another. This is an important issue for those who need to be good resource stewards in a business. But it is also an important issue from the point of view of a specific and complete researcher. If a market study does not know what research has been done, it is not possible to be certain of the conclusions of the study in question.
The market study is based on extensive research in the literature. Secondary research is the collection and analysis of data that has been collected previously for a purpose other than the current purpose of the research. In this way, secondary research differs from primary market research, which is the direct collection of information from individuals in order to answer a specific and generally new research question.
The secondary market research can help conserve the resources of a company since the costs of design and implementation of market research have already been committed. Secondary market research is generally considered in two categories: information from internal sources (owned by a particular company or organization) and information from external sources (held outside a company) , a particular organization or organization).
Secondary market studies from internal sources
Secondary data may be “hidden from view” since it may be contained in existing company reports, studies that have already been conducted by the company, or in the form of direct feedback from stakeholders, like customers, sellers, retail employees and long-term employees who have a corporate memory.
Secondary market studies from external sources
Most of the secondary data comes from resources found below, such as the popular press, magazines and industry press, commercial reports from private research organizations, government publications and studies, and published research. by commercial organizations that focus on the state of a particular industry. The use of a secondary market study poses a challenge: although information may be available, it may not be presented in the form that the market research or client needs.
In addition, the aggregation of information and data from disparate sources can lead to misinterpretation or erroneous conclusions about the findings and the generalizability of the findings. When this type of doubt exists, it is possible to obtain better and more reliable market research through the use of primary market research. The differences between primary and secondary market studies are summarized below.
Primary market study
- Can be expensive to achieve
- Generate new data
- Latest information
- Fully customized
- Submitted to the pilot test
- Long duration
Secondary market studies
- More economical
- Reuse already collected data
- Past information
- Easily available
- Precision may be lacking
- Can take a lot of time