Market Research Data Advantages and Disadvantages

This video covers secondary market research, focusing on various sources such as books, newspapers, internal data, government publications, purchased research, internet research, and competitors' data. Each source is discussed in terms of its advantages and disadvantages, providing insights into how businesses can effectively gather and utilize information to target specific customers. The video emphasizes the importance of understanding the reliability and context of the data collected.

What is another name for secondary market research?

• Primary research

• Experimental research

• Field research

• Desk research

Which acronym is used to remember the sources of secondary market research?

• SWOT

• SMART

• PEST

• BIG PICK

What is a major advantage of using books, newspapers, and trade magazines for market research?

• They provide real-time data

• They are written by experienced authors

• They are always up-to-date

• They are free to access

What is a significant disadvantage of using books, newspapers, and trade magazines?

• They are not specific to any topic

• They are difficult to read

• They lack detailed information

• They are expensive

What is a key advantage of internal data?

• It provides external insights

• It is always up-to-date

• It is easy to obtain

• It is always free

Why might internal data be less useful for startup companies?

• It is difficult to analyze

• It is too expensive

• There is not much data available

• It is not specific to the business

What type of information can be found in government publications and statistics?

• Local demographic information

• Competitors' financial records

• Customer profiles

• Sales data

What is a major disadvantage of purchased research material?

• It is not specific to the business

• It is very expensive

• It is difficult to obtain

• It is not detailed

What is a significant advantage of internet research?

• It is quick and easy to find information

• It provides unbiased information

• It is free from security issues

• It is always reliable

What is a potential drawback of using competitors' data?

• It provides limited information

• It is difficult to obtain

• It is very expensive

• It is not useful for market analysis