Understanding Secondary Market Research

What is the primary difference between primary and secondary market research?

• Secondary research is conducted by the business itself.

• Primary research involves collecting new data, while secondary research uses existing data.

• Primary research is cheaper than secondary research.

• Secondary research is always more accurate.

Which of the following is a key benefit of using internet research for businesses?

• It is always free of misinformation.

• It provides exclusive data not available to competitors.

• It is quick and easy to access.

• It guarantees accurate data.

What should businesses be cautious of when using market reports?

• They are specific to the business.

• They are only available for free.

• They may contain bias or errors.

• The reports are always outdated.

How do government reports typically differ from market reports?

• They are more specific to individual businesses.

• They are usually more general and cover the whole population.

• They are always more expensive.

• They are less reliable.

What is a limitation of using internal sources for secondary market research?

• They rarely provide market-wide insights.

• They are always outdated.

• They are difficult to access.

• They provide information on competitors.

Which of the following is an advantage of secondary market research?

• It is always specific to the business.

• It eliminates the need for primary research.

• It is always up-to-date.

• It is often cost-effective.

Why is it important to consider the age of secondary market research data?

• Newer data is always biased.

• Older data is more expensive.

• Older data is always more reliable.

• The business environment changes rapidly.

What is a potential disadvantage of relying solely on secondary market research?

• It provides too much detailed information.

• It is difficult to find.

• It may not be relevant to the specific business.

• It is always more expensive than primary research.

What should businesses consider about the source of secondary market research?

• The source is always unbiased.

• The source is always reliable.

• The source's location.

• The source's funding and potential bias.

What is a common misconception about secondary market research?

• It is always free.

• It is always specific to the business.

• It is always outdated.

• It is always more accurate than primary research.