4.12 - Methods of Secondary Market Research
The role and sources of market analyses
Market analyses involve gathering data on the features of a specific market for a product, service, or sector. This includes details like overall market size, potential for expansion, and insights into rival businesses.
Benefits of market analyses
- Provide an efficient and cost-effective method to evaluate the viability of a new product or service.
- Commonly used by startups to develop their initial business strategies.
- Often form a key element in a company's SWOT analysis.
Key sources for market analyses
- Reports from specialised market research companies.
- Annual reports from businesses.
- Competitors' websites.
- Industry-specific magazines and journals.
Features and uses of academic journals
Academic journals are specialised publications that focus on particular fields, such as business studies, economics, or psychology. They contain in-depth articles written by experts like university staff, and the material is usually checked by other specialists before publication.
Structure and audience of academic journals
- Follow a consistent layout, including an overview (abstract), research methods, outcomes, analysis, final thoughts, references, and supporting materials.
- Include references to sources and additional notes for clarity.
- Aimed at researchers, including professionals, students, and educators in higher education.
Role in secondary market research
- Offer reviews of previous studies or present fresh investigations for expert evaluation.
- Remain neutral, as they are not typically produced to promote any specific organisation.
- Cover areas like business strategies, economic regulations, and global trade practices.
Characteristics of government publications
Government publications consist of official materials issued by authorities at local, national, or international levels, including those from international agreements.
Features of government publications
- Cover a wide array of subjects without a fixed structure, unlike more formal academic works.
- Offer an extensive range of information, giving researchers plenty of options.
- Serve as an essential resource across many research areas.
- Generally open to everyone and often provided without cost.
- Sometimes overlooked by researchers due to challenges in locating them.
Examples of government publications
- Data on population trends.
- Statistics on joblessness.
- Measures of rising prices (inflation).
- Figures on economic expansion.
- Yearly financial plans from governments.
- Information on global trade.
Applications and limitations of media articles
Media articles appear in physical or digital formats and provide various insights useful for market research.
Sources of media articles
- Newspapers, available in print or online, offering broad coverage of market details.
- Magazines focused on business and economic issues.
- Publications dedicated to particular sectors, such as retailing, vehicle manufacturing, or tech industries.
Evaluation of media articles
- Advantages - Easy to obtain, with many free online options and sharing through social platforms.
- Limitations - Require caution due to possible subjectivity from writers, which can affect reliability.