Secondary research, also known as desk research, refers to the collection of data and information that was previously collected by another source, i.e. the data or information already exists about a product, business, or market. Examples include gathering sources from:

1.  Market analyses

A market analysis report contains data and information about a particular product, market or industry. The market research information might include up-to-date data such as market size, market growth, and information on competitors. Examples of such sources include: Business Insider, Statista, Euromonitor, Eurostat, Datamonitor and Nielsen. Businesses often use market analyses to help prepare their business plans and corporate strategies.

 Advantages of market analyses

• Market analyses are generally cheaper, and less time-consuming to gather, than primary market research as an alternative.

• In addition, as a form of secondary research, the information has already been gathered and is available. This helps firms to access up-to-date market data and trends.

• Market analyses provide detailed information about various aspects of a product, market or industry.

• Market research agencies specialise in producing market analyses, providing detailed market intelligence reports. Most organizations are do not have such expertise to gather data to produce such detailed reports. These specialise also usually update their analyses in order to keep them relevant.

 Disadvantages of market analyses

• It can be expensive to use market analyses, as they usually have to be paid for. For example, data on Statista is predominantly only available to its subscribers. Hence, market analyses may not be readily available to smaller organizations. For example, a Euromonitor report on the consumer electronics industry in France (relevant to the November 2020 Ducal Aspirateurs Paper 1 Case Study) is priced at £1,725 ($2,330!) A ReportLinker market analysis report on the global Esports industry (relevant to the BTEC Business examination in January 2021) is priced at $5,500!

• Market analyses can become dated rather quickly, unless the source provides regular updates.

• The data is not exclusive to any organization, as rivals can also purchase these reports, or subscribe to agencies that provide up-to-date analyses.

2.  Academic journals

Academic journals, also known as scholarly journals, are publications that contain the latest educational research and academic theory. They are written and produced by leading academics from universities across the world, in different academic disciplines, such as Psychology, Science and Economics. Some example include:

• Academy of Management Journal

• Cambridge Journal of Economics

• Journal of Business and Economic Statistics

• Journal of Business Research

• Journal of International Business Studies (JIBS)

• Journal of International Management

• Journal of Management, and

• Strategic Management Journal.

Examples of Business Management theories that first appeared in academic journals include:

• Maslow's hierarchy of needs, Psychological Review, Princeton University (1943)

• Lewin’s force field analysis, Psychological Review (1943)

• Ansoff Matrix, Harvard Business Review (1957)

• Adams’ equity theory, Journal of Abnormal Psychology (1963)

• Herzberg’s two-factor theory of motivation, Harvard Business Review (1968)

Articles in academic journals are usually peer-reviewed to ensure credibility. Similar to an Extended Essay in format, articles in scholarly journals usually include an abstract, methodology, results and findings, conclusions, a bibliography and appendices. As academic literature, these articles will also include citations and references.

Advantages of academic journals

• Articles published in scholarly journals contain the most up-to-date research in an academic discipline.

• The data and information in the academic journal is likely to be reliable as it has been produced by scholars in a systematic way, and with the feedback and assessment of peers.

  Disadvantages of academic journals

• The information is not always relevant to businesses, and the contents or findings are often contested.

• Universities and academic establishments tend to only allow paying subscribers to access academic journals.

3.  Government publications

Government publications are official documents released by governments and government agencies. Unlike academic journals, and more like market analyses, there is no standardised format in the presentation of government publications Governments publish data and statistics that cover a wide range of topics, such as:

• Economics forecasts, e.g. economic growth, unemployment, inflation, and interest rates

• Demographic trends, i.e. changes to the composition of the population

• Tourism data, e.g. visitor numbers and amount of tourist spending

• Budget documents for the central government

• Data and statistics from the government are usually comprehensive, reliable and up-to-date.

• There is a large volume of government publications, covering a wide range of topics, so this provides market researchers with a wealth of data and information.

• A lot of government publications are available for free.

 Disadvantages of government publications

• Due to the vast amount of information available, identifying and locating government publications can be difficult.

• Not all data and information are readily available or are only obtainable for a fee.

4.  Media articles

Media articles are professional documents or articles in print or online media. Unlike academic journals, media articles are written by trained journalists and authors, rather than by academics at university. Like government publications, media articles provide a very vast range of market research information.

Examples of media articles include:

• Newspapers, (published and online), such as The New York Times, The Guardian, Daily Mail, The Times of India, China Daily, The Washington Post, and USA Today.

• News magazines, such as Newsweek, TIME, Businessweek, and The Economist.

• Business media, such as Businessweek, Fortune, Forbes, and Bloomberg magazine.

Perhaps only social media contains more up-to-the-minute information. Popular titles such as The New York Times or The Guardian provide access to their content for free. Many sites also offer alert services, whereby breaking news about a selected company or topic can be emailed directly to a user. In addition to this, their large archives are well indexed, making searching for old stories easy.

 Advantages of media articles

• The online versions of media articles are readily available to users, 24 hours a day, every day. With advances in technology, many more people have access to websites and apps of the larger newspapers companies and news broadcasters.

• News media articles are released extremely frequently. These are often updated regularly too, providing market researchers with easy and frequent access to up-to-date information.

• Many media sources do not require users to take out a subscription in order to access their websites.

• The growing popularity of social media and social media marketing (SMM) mean that news via media articles can be easily spread/shared via social networks (such as Twitter, Facebook and Instagram).

Disadvantages of media articles

• There is potential bias from the journalists and authors.

• Articles can become out of date (and hence irrelevant) quite quickly.

• Many magazines, such as IB Review, require a subscription in order for users to access the resource.

IB Review is a print media source for IB Diploma students, from Hodder Education

5.  Online content

Online content, in the context of market research, refers to the gathering of data and information from the Internet, such as company websites on the world wide web. Online sources provide market researchers with access to an abundance of information and data using computers and mobile devices.

Many of the aforementioned sources of secondary market research market analyses, academic journals, government publications, and media articles) can also be found online. In addition, market researchers may be able to use blogs, podcasts, vlogs, and social media platforms as well as information on official company websites to gather valuable information and data. However, given the vast volume of information available online, market researchers need to consider how reliable the information is, irrespective of whether this has to be paid for.

 Advantages of online content

• Online content can provide market researchers with access to a large and broad range of data and information.

• Information is generally available quickly and at relatively low cost. A lot of online content is readily available free of charge.

• Official company websites provide up to date news and information about current matters related to the organization and the market(s) in which it operates.

Disadvantages of online content

• As there is so much information available on the Internet, it can be challenging to find the best sources with accurate and up to date data and information.

• As anyone can publish information online (such as blogs, social media platforms, and YouTube) the information can be inaccurate or biased. Unless maintained regularly, this information can become outdated quite quickly.

• Accessing online content can be costly, such as subscription charges to The Financial Times, Statista, and The Economist.

The generic advantages and disadvantages of secondary market research are outlined in the table below.