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All 20 Flashcards — Secondary market research
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Question
What is secondary market research?
Answer
Using data that already exists — collected by someone else for a different purpose.
💡 Hint
Existing, second-hand data
Question
Two advantages of secondary research?
Answer
Cheap/free; quick to access; large-scale data; good starting point before doing primary research.
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Cheap + fast + large-scale
Question
Which should you start with: primary or secondary research?
Answer
Secondary — it's cheaper and faster for background understanding. Then use primary to fill gaps.
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Secondary first, primary to fill gaps
Question
Secondary research = using ___ data collected by ___
Answer
Existing data collected by others for a different purpose.
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Existing + others
Question
Name four sources of secondary research
Answer
Government statistics, industry reports, competitor websites/annual reports, internal sales records.
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Gov + industry + competitors + internal
Question
Sources: government stats, industry reports, ___
Answer
Competitor data, internal records (own sales/customer databases).
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Competitors + internal
Question
Two disadvantages of secondary research?
Answer
May be outdated; not tailored to specific needs; available to competitors; may be inaccurate.
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Old + generic + shared
Question
Most businesses use ___ types of research
Answer
Both — secondary for background, primary for specific answers. Best results come from combining them.
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Both together
Question
✅ cheap, fast, large-scale. ❌ ___
Answer
Outdated, not specific, available to competitors, may be unreliable.
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Old + generic + shared
Question
Why is secondary data 'not exclusive'?
Answer
It's publicly available — competitors can access the same information.
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Everyone can see it
Question
Small budget — lean on ___. Bigger budget — add ___
Answer
Small = secondary research. Bigger = invest in primary too.
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Secondary → add primary
Question
What counts as 'internal' secondary data?
Answer
The business's own past sales records, customer databases, financial reports — data it already has.
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Own past data
Question
Give two examples of external secondary sources
Answer
Government census data, trade journals, newspapers, academic studies, market research firm reports.
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Gov + publications
Question
Why is secondary research a good 'starting point'?
Answer
It helps understand the market cheaply before investing in expensive primary research.
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Understand first, then invest
Question
Best approach: secondary first, then ___ to fill gaps
Answer
Primary research — get specific answers to your unique questions.
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Primary
Question
Secondary = second-hand (exists). Primary = ___
Answer
Original data you collect fresh yourself.
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Original + fresh
Question
Quick: Secondary = existing. Primary = ___
Answer
New, original data collected by the business.
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New
Question
Best research approach combines secondary (background) + primary (___)?
Answer
Specific answers to unique questions the secondary data couldn't answer.
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Fill the gaps
Question
Exam classic: Explain one advantage and one disadvantage of secondary research — tip?
Answer
Always contextualise to the business in the case study, not just generic points.
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Apply to the case study
Question
Secondary research = borrowing information rather than ___
Answer
Creating it from scratch — using what's already available.
💡 Hint
Borrowing, not creating
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Full study notes for Secondary market research
Topic 4.4 hub
Market research
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