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January 2020
3 Min read

Types of secondary market research

Irina Yaroshenko

International Sales Manager +4314120126

5/5 - (1 vote)

Marketing research is like a compass that helps companies see which way the wind is blowing on the market. Today we will talk about secondary marketing research (SMR), that are usually based on existing information and therefore are called desk studies. In other words, it is analysing available sources about the studied subject in the marketing system.

Types Of Secondary Market Research

There are two main types of SMR data sources:

Internal sources include information that has already been collected by a company itself and may be useful for future projects. For most enterprises, these sources are often sufficient to develop new products and services.

In case if internal sources do not provide enough information, the company may use external sources. They represent a wide variety of data collected by other firms. Analysing external sources needs a correct and strictly controlled approach.

  • Publications by national and international official organizations;
  • publications by government bodies, ministries, municipal committees and organizations;
  • publications by chambers of commerce and associations;
  • yearbooks with statistical information;
  • reports and publications from industry firms and joint ventures;
  • books, messages in magazines and newspapers;
  • publications of educational, researching, design institutes and social scientific organizations, symposia, congresses, conferences;
  • Price lists, catalogs, prospectuses and other company publications.

Secondary Market Research Methods

  • Hall-test is a study method when a fairly large group of people (about 100-400 people) in a special room tests a certain product and/ or its elements (packaging, commercial, etc.), and then answers questions (fills out a questionnaire) regarding this product.
  • Home-test is similar to the hall-test, with the difference that product testing takes place at home (at the respondent’s home). This method is used when long-term product testing is required.
  • Mystery Shopping is a study method that involves assessing the level of service with the help of specialists acting as secret visitors (customers, clients, etc.).

Wrap It Up

The main advantages of SMR are:

  1. The cost of conducting desk investigation is less than the cost of conducting the same study using field investigation.
  2. In the most cases to solve a problem it is enough only secondary information, so primary research becomes unnecessary.
  3. The ability to use results of desk investigation, if a goal of marketing research is not achieved, to determine the objectives of field research, its planning and use of selective method.

If you seek professional advice to take wise marketing decisions, evaluate your company’s effectiveness and solve some issues, Scheduling Worldwide experts are always there to help.

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