Secondary Market and Industry Sources of Information
Secondary markets are supply markets where suppliers namely, wholesalers, retailers, sell to buyers finished and processed goods, which are then sold to end-users.
Secondary market research is a research technique that relies on already available information from different sources that is collected by other people. These sources include government data, office data, newspapers, magazines, the internet, etc. It is mostly available free and takes less time to obtain, but in few cases it is accessible at a fee.
Secondary research is usually conducted before the primary research in order to provide good background information about the supply market and the suppliers within it. This information may be based on overall market size, market statistics, key suppliers within the market, goods and services supplied by particular firms; suppliers’ company reports and information about the suppliers’ future plans.
Sources of secondary information include;
1. Internet
This is the easiest way to start a research and can be used to source a great wealth of information about an organisation.
2. Research providers
Market research organisations can provide information for a fee, or can be paid to conduct research about a particular supply market or suppliers within the market.
3. Government sources
Government departments can collect information about different subjects and make them available to the public.
4. Online databases
Research databases can be obtained from libraries or through subscription.
5. Online legislation
Some websites offer information of current and past Acts of Parliament that may affect the operations of a supply market.
6. Media sources
Media articles and documentaries can provide information about activities occurring in the supply market.
7. Specialist organisations
Certain organisations, public and private, have statistical data that may be useful when gathering supply market information e.g. universities and colleges.
8. Company published details
Most public companies publish information that indicates their market directions and strategies, e.g. balance sheets, profit and loss accounts, inventory records, sales figures, annual reports, company websites, marketing material, tender information, etc.