What Is Secondary Market Research?
Secondary market research involves the gathering of data, which has already been produced by others, which you can then use. Often this has been assembled by government agencies, other types of media outlets, trade unions or by industry watchdogs or regulators.
Public date sources are usually free, and contain anything collected by the government for publication – including anything that they have had commissioned. Sources that are compiled by other companies may cost you to look at. This includes research associations for different industries and occasionally research papers done by academic institutions.
In the finance world, the FCA also produces and commissions reports, which are available to help out companies and to steer them in the correct direction. These are often large-scale surveys about consumer happiness and desires and can be utilised by any company that can prove they would be useful.
Whilst this often seems like the easy way out, being both cheaper and easier to access and without the long gestation periods of primary research, it is often an extremely useful tool in the arsenal of any business and can play a crucial role in determining the way forward for a project or even laying the ground before the primary research is done to find specifics. The groundwork is often secondary market research and as a graduate in a finance industry, you will be expected to be able to locate and use this kind of research throughout your career!