Secondary Market Research (AQA AS Business): Revision Note

National governments and trading blocs, such as the EU, publish reports and statistics on the economy, demographics, industry trends and consumer behaviour 

Universities conduct studies and publish research papers that provide insights and data on specific industries, consumer behaviour and market trends

For example, Stanford University is a globally significant research centre for engineering and medicine 

Trade and industry associations provide detailed information about specific sectors, including market size, growth rates and industry benchmarks

E.g. the International Organisation of Motor Vehicle Manufacturers conducts and collates research on production and sales statistics 

Companies specialising in marketing research produce and sell in-depth reports on industries, markets and consumer trends

E.g. Mintel is one of the leading private companies supplying marketing research information 

Public limited companies publish annual reports that can provide valuable information about a company's performance, market position and future plans

Newspapers, magazines and online forums publish opinion pieces and investigative reports that offer insights into market trends, consumer behaviour and industry developments

E.g. the Financial Times and The Wall Street Journal 

Information is already available and is quicker to collect than primary research, thereby saving time

Information has been collected for other purposes, so it may lack relevance or may not be factually correct, e.g. Wikipedia 

Information is often free (e.g. government websites and internet sources such as Statista) or cheap to collect, leading to lower costs compared to primary research 

Can be expensive to purchase market-specific secondary data from specialist companies, e.g. Mintel reports 

Suitable for a small business that lacks a large marketing budget and/or expertise

Information may be out of date, especially in dynamic markets