Business – 3.2 Market research – Primary and secondary research | e-Consult
3.2 Market research – Primary and secondary research (1 questions)
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Secondary data are pre‑existing data collected for purposes other than the current research. Their usefulness stems from several key advantages:
- Cost‑effectiveness: Acquiring published reports, industry statistics or government data avoids the expense of commissioning primary research, freeing budget for product development or marketing.
- Time efficiency: Existing data can be accessed immediately, allowing the business to analyse market size, trends and competitor activity quickly and meet tight launch timelines.
- Broad coverage: Large‑scale surveys and databases often provide national or international perspectives that would be difficult for a single firm to gather on its own, giving a more comprehensive view of potential demand.
How these advantages support the launch:
- Cost savings can be redirected to prototype testing or promotional campaigns.
- Rapid access to market trends helps set realistic sales forecasts and pricing strategies before the product is finalised.
- Broad market insight identifies geographic regions or demographic segments with the highest growth potential, guiding distribution and targeting decisions.