Secondary research involves processing data that has already been collected by previous researchers. It refers to consultation of previous studies and findings such as reports, press articles and previous market research projects in order to come to a conclusion. This type of research is based on information gathered from studies previously performed by government agencies, trade associations, and other organisations.
This type of research is less expensive as opposed to the primary research as it does not require new research methods. However, its main disadvantage is that the information gathered may be old and obsolete and therefore results of analysis may be inaccurate. Further, it is not necessary that the earlier studies were conducted with the same objectives as required in the current situation.
The quality of the research relies on quality of information collected. Information about the markets can be obtained from different sources. Here are some sources where you can collect market information for the research purposes:
- Business magazines. Business magazines are a valuable source of business information that can be useful in purpose of research. There you can find already finished analysis that can be valuable for your business. There you can find information about your customers, your competitor or different marketing campaigns in the industry.
- Journals
- Newspaper articles
- Textbooks and books
- Blogs
- Websites etc
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