Secondary market research can be defined as any market research and data which already is set and organized for you to use it as per your wish. The best example of secondary information is traded reports, analysis by government bodies, trade relations, and various other business proceedings in your sector. This helps in a thorough understanding of what is secondary research in marketing.
The secondary research makes use of external information which is gathered by industry, agencies, labor unions, chambers of commerce, trade associations, media sources, etc. The information is published via newsletters, magazines, newspapers, &publications. Let us take a look at the best secondary market research sources.
The secondary market sources information from the below mentioned
1. Public sources
The information is sourced to and from public sources as it gives good, reliable info which also has information to business departments of public libraries and government departments.
2. Commercial sources
The commercialsources are high in their value as they have hard-fast money related matters i.e. monthly subscription and membership fees. These may include the trade and research associations like Robert Morris and Associates and Dun & Bradstreet. Along with all the money generating institutes as well as public trade corporations.
3. Educational institutions
The educational institutions are one of the most common and high attention paid market sources as although intense research is being carried on in a college, technical institutes and universities in contrast with any sector or area of business associations.
4. Public Information Sources
The government planning’s and secret statistics are one of the most wide-ranging and sufficientlydependable sources for secondary data.
Some of the government publications that have the desired information are as follows
1. The famous publication named “State & Metropolitan Area” offers an extensive scale of information concerning statistics concerning the metropolitan and state areas of US and is managed and published by the Census Bureau of United States. It costs about 30 USD at the Printing office of the United States government and huge libraries.
2. The blend of the statisticalinformation on the US offers the graphs and tables on economic conditions, social and politicalscenarios. As it is been managed and printed by the Census Bureau of US government. And is available to buy at 48 USD online at the Printing office of US Government and huge libraries.
3. The trade outlook and the United States represents the latestfinancialsituation of the manufactures of the United States and recognizes the upcoming trends. It is issued by the Department of Commerce in coordination with McGraw-Hill and it costs about 76 USD. Available at Printing office of the United States other libraries.
4. Also issued by the online bookstore of United States government printing office has numerous wealth publications on niches such as aviation, electronics, banking, insurance, trade, technologies, health, telecommunications, forest and management, compensation for workers.
5. The website of United States Bureau does have some highly classified information with relevance to present market situations. As the bureau’s publications cover the majority of the trades and topics. It does have vital information such as sales volume and even the payrolls managed by the company. This sort of information is highlyuseful for the smaller companies which deal in maps, census, and trade and so on.
The Best Public Source
One of the prominent and dependable sources for the secondary market is the business section of your local, college, and or public university. As also the services that are offered from one library to other usually possess an extensive range of publications from the government in form of foreign trade, a large collection of directories, magazines, newspapers, newsletters on foreign and domestic business matters. Hence helping with the question of what is secondary research in marketing.
Talkingabout the fact is that every country’s government do publish the density of population and figures of distributions in all tracts of the accessible census. These indicate the true number of living citizens in a specific area, such as local dwellings, rented houses, street houses and so on. A few countries publish to share the information of populations that was about a decade ago, hence letting the audience and othersguess what would it be its actual population at present.
The Sources of Commercial Information
Commercial Information sources stand out to be one of the best and highly dependable. The reason is that the information it entails is all gathered by the trade associations and unions who have high exposure to the specific sector and is exclusive to only a handful of members of associations, as having paid a specific membership fee to have access to that kind of information.
Although, the information gathered which later was shaped as research was compiled and brought together by bigger associations which is normally precise information and worth every penny spent on the membership for that piece of information. In total there are 2 brilliant sources to cater the need when looking for a trade association which reposts on the researchedbusiness may include Gale research and Encyclopedia of Associations and Encyclopedia of BIS (Business Information sources).
It is recommended that you get in touch with the sales divisions of the specific business and probe them in order to send the media set of tools they use as the marketing plan used is being worked on for the development of new product and demands information with respect to the promotional costs and demographics of thetargetaudience.
This will not only furnish you with highlyclassified information about the prospects but will provide you the information in terms of promotional outlets for the newly developed products and services.
Eventually, there are certain educationalinstitutions which direct research in numerous methods, right from projects that are based on faculty to projects and thesis prepared by the respective students of the institute. You will be looking at the list of the students who have been there for the research and entrepreneurship program. A brilliant way of getting the research by spending a little amount which is worthwhile. One can contact the administration of the universities and management or marketingstudiesfaculties for further more information. The above mentioned are some of the secondary market research sources.