Market Research provides insight and analysis into society, a particular
market, or a group of people.
Secondary Market Research makes use of existing
sources. The process involves collecting, cleansing and
evaluating.
In Business, it can be used to find out information on an industry sector,
help you evaluate whether it is the right market for you, and find out how
to position yourself within it.
2. Who needs
it?
New
Businesses
Companies looking to get into new markets
Struggling
Business
Anyone with a lack of information that is
needed
Companies looking to take the next step
3.
Sources
Databases
Networking
Events
Trade
Bodies
News
Newsletters
Internet
Webinars
Existing Customers and
Clients
Competitors
Credit
Check
Network Contacts
Direct Contact
Government Sources
Publications
Companies House
Directories
Trade Shows
Exhibitions
Social Media
Magazines
4. How can these be used?
To Make a
Decision
To provide customer
intelligence
Create an up-to-date, accurate picture
To Source Potential
Customers
Identify
Competitors
Assess Strengths and Weaknesses of
Market
To Find New Growth
Areas
For use in Company
Materials
To break into New Markets
To Provide Customer
Intelligence
For customers to pitch to their clients/stakeholders