Secondary Market Research

Secondary research uses external information collected by government agencies, industry and trade associations, trade unions, media, chambers of commerce, etc. They are usually published in pamphlets, newsletters, trade publications, magazines and newspapers. Secondary sources include:

• Public sources These are usually free, often provide a lot of quality information and are used by government departments, commercial departments of public libraries, etc.
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• commercial sources These are sources of value, but they usually include cost factors such as subscription fees and links. Commercial sources include research and trading firms such as Dun & Bradstreet and Robert Morris & Associates, banks and other financial institutions, and publicly traded companies.
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• Educational institutions. It is often overlooked as a valuable source of information, even though more research is done in colleges, universities and technical institutes than in virtually any sector of the business community.

Common sources of information
Government statistics are among the most numerous and comprehensive of all public sources. Useful government publications include:

The State and Metropolitan Area Databook provides a wealth of statistical information about states and metropolitan areas in the United States. It is published by the US Census Bureau and is available online for $31, through the US Government Printing Office and at major bookstores.

The Statistical Digest of the United States provides statistical tables and maps on social, political, and economic conditions in the United States. It is published by the Census Bureau and is available online for $48, through the U.S. Government Printing Office, and at major bookstores.

US Industry and Trade Outlook presents the latest financial performance of US manufacturers and identifies emerging trends. Published by the Department of Commerce in partnership with McGraw-Hill, it is available for $76 from the US Government Printing Office and major bookstores.

The U.S. Government Online Library offers a variety of publications from the U.S. Government Printing Office on topics ranging from agriculture, aviation, and electronics to insurance, communications, forestry, and workers' compensation.

The US Census Bureau website also has valuable marketing information. Business Bureau publications cover a wide range of topics and occupations, such as furniture store sales volume and toy wholesaler payrolls, and are useful for small businesses as well as large companies in the construction, retail, wholesale and service industries. Census maps, business statistics reports for various ethnic groups and regional business pattern reports are also available.

One of the most important sources of information you will find is the SBA. The SBA was created by Congress in 1953 to help American entrepreneurs start, manage and grow successful small businesses. Currently, there are SBA offices in every state, the District of Columbia, the US Virgin Islands, Puerto Rico, and Guam. Services offered by the SBA include financial assistance, counseling services through the Small Business Development Center (SBDC), administrative assistance through programs such as SCORE and low-cost publications. A SCORE consultant can provide you with a free consultation on what type of research you should collect and where to get the information. They may also suggest other ways of gathering information from primary sources. Small business development centers usually have extensive business libraries with many secondary resources that you can visit.

One of the best public resources is the business section of your local public library, college or university. The services offered vary from library to library, but generally include various government publications with market statistics, large collections of directories with information on domestic and foreign companies, and various magazines, newspapers and newsletters.

Almost all local governments publish population density and distribution data in an accessible census tract. It shows the number of people living in a given area, such as a residential area, a watershed, or a ten-block neighborhood. Several countries publish reports showing population trends ten years ago, five years ago and today.

Other public sources of information include local chambers of commerce and their business development services, which encourage the establishment of new businesses in their communities. They will provide you with information about the evolution of the population, the characteristics of the income of the people, the wages, the industrial developments, etc. (usually free).

Don't forget your bank as a provider. Bankers have a wealth of information at their fingertips and are eager to help their small business clients succeed. All you have to do is ask.

company information sources
Some of the best sources of business information include research societies and trade associations. The information collected by trade associations is generally limited to certain industries and is only accessible to members of the association, who usually pay a membership fee. However, the research compiled by the larger societies is often comprehensive, thorough and well worth the cost of membership. The Encyclopedia of Associations (Gale Research) and the Encyclopedia of Business Information Resources (Gale Group) are two excellent resources to help you find a professional association to report on the company you are looking for.

Local newspapers, magazines and journals, as well as radio and television stations are some of the most useful sources of business information. Not only do they maintain demographic profiles of their audience (income, age, gender, disposable income, type of products and services purchased, what they read, etc.), but many also have information about economic trends in the area. . relevant to your business. Contact the sales departments of these companies and ask them to send you their media kit because you are working on a marketing plan for a new product and need information about advertising rates and audience demographics. Not only will you learn more about your potential customers, but you will also learn more about potential advertising outlets for your product or service.

Dun & Bradstreet is another business resource for market research that provides a wealth of information for marketing decision making. It operates the world's largest database of companies and tracks more than 62 million companies worldwide, including 11 million in the United States. For more information, visit Dun & Bradstreet Small Business Solutions. Finally, there are educational institutions that conduct research in a variety of ways, ranging from faculty projects that are often published within the faculty to student projects, dissertations, and theses. You may be able to seek help from students attending business school, especially if they are enrolled in an entrepreneurship program. This can be a good way to do research at little or no cost, for students who welcome work experience in the form of an internship or private credit. For more information, contact the university administration and the department of marketing or management studies.

See also Market Research.

Second Level Market Research - GCSE Business Studies - AQA / Edexcel / OCR