Secondary Market Research Advantages

The term “secondary market research” refers to studies that are often conducted by a country’s highest authority. Primary market research, on the other hand, solves your specific business questions or reinforces your assumptions about your target market.

Pelotek sells English summaries of the Turkish Ministry of Industry and Technology’s official sector reports, which are published each year. This service may seem unnecessary for your specific needs. However, this article may persuade you to reconsider secondary market research.

I’ll offer you some particular examples, including a video demonstration of a real-time review of a random official Turkish industry report, to better highlight the advantages of secondary market research. You will have a thorough knowledge of the main points of such reports by the end of this post.

Secondary Market Research in a Nutshell

Secondary market research may be described as a simple technique to obtain professional market reports in general because the data spans a larger area and includes almost all stakeholders. It has both advantages and disadvantages. Not every business needs it. On the other hand, if you are just getting started with investing in Turkey, I strongly suggest you have these reports on hand before making any major purchases from Turkey.

Advantages of Secondary Market Research

The key advantages of secondary market research are the time and money you will save. Using massive data sets, this type of study report provides you with high-quality data. Furthermore, they provide you with useful information about the business climate of that sector in the target country.

Cost-Effective Data Collection

In secondary market research, you do not need resources to collect new data because the data has already been acquired.

Secondary market research uses reports from governmental organizations or some private research companies. This eliminates the need for the researcher to spend money on creating, conducting, and analyzing primary surveys or experiments.

The cost of getting secondary data varies depending on the source, although it is usually substantially lower than the cost of collecting main data.

Time-Saving Research

Another advantage of conducting secondary market research is that it saves time. You don’t need to spend time collecting new data because it has already been acquired. This allows you to focus on analyzing the data and developing conclusions.

Access to Large Datasets

Secondary market research provides access to enormous datasets covering a variety of topics, sources, and time periods. These databases can provide useful insights and information that primary market research may not be able to deliver.

Secondary data, for example, might assist a researcher in comparing and contrasting different markets or areas, identifying historical trends and patterns, or benchmarking their performance against industry standards or competitors. Furthermore, secondary data can supplement and enhance main data by providing context, background, or validation.

High-Quality Data

Secondary market research sources include government agencies, industry associations, academic institutions, and market research companies. These sources have the knowledge, experience, and resources to verify that the data is correct, reliable, valid, and representative of the population or phenomenon under consideration.

Furthermore, secondary data can be subjected to stringent quality assurance and peer review before being published or disseminated. As a result, secondary data might provide the researcher with a high level of confidence and trustworthiness.

Ability to Analyze Trends and Patterns

A researcher might use secondary market research to study trends and patterns that emerge from data over time or across different variables. These trends and patterns might provide valuable insights and consequences for the researcher’s topic or situation.

On this subject, we have a case study. When the case study is published, we will update this page. In this case study, an American investor used both primary and secondary market data effectively, and he continues to buy from Turkey at a high profit.

Examples of Secondary Market Research

We can classify secondary market research into three categories:

1. Market Reports
2. Demographic Data
3. Economic Data

In our summarization service, we use Turkey’s sector reports, which fall into the market reports category.

Market Reports as part of the Secondary Market Research

These are reports that provide information on the size, growth, trends, segmentation, and competitive landscape of a specific market or industry. For example, a market report on the global smartphone industry might include data on the market share, revenue, and sales volume of different smartphone brands, as well as the consumer preferences, behaviors, and satisfaction levels of smartphone users.

Demographic data as part of the Secondary Market Research

These are data that describe the characteristics of a population or a group of consumers, such as age, gender, income, education, occupation, location, ethnicity, religion, etc. For example, demographic data can help a business understand the potential size and profile of its target market as well as the needs and preferences of different customer segments.

Economic data as part of the Secondary Market Research

These are data that measure the performance and condition of an economy or a sector, such as GDP, inflation, unemployment, interest rates, exchange rates, trade balance, etc. For example, economic data can help a business assess the demand and supply factors that affect its market, as well as the opportunities and threats that arise from changes in the macroeconomic environment.

Video Demonstration of an Official Turkish Food and Beverages Sector Report

As a resource for secondary market research, we often use the Turkish Ministry of Industry and Technology’s sector reports in our posts. These reports provide ready data on Turkey’s industries, economic trends, and development.

In this video of the Turkish food and beverages sector report, I randomly selected the “Food and Beverages Sector” in Turkey and translated the report titles. These reports are in Turkish. When requested, we read the whole report and make a summary of the five pages described in our service page.

Primary vs. Secondary Market Research

Both secondary market research and primary market research are used for the same purpose: increasing your profits!

Whatever the reason, any market research report should give you inspiration and reliable information about the sector or industry that you want to invest in.

Primary market research is more expensive

Primary market research can be more expensive than secondary market research because it requires more time and resources to collect the data. Secondary market research is a more cost-effective option because it relies on existing data sources.

Primary market research is more expensive than secondary market research because it involves collecting new and original data that is tailored to the specific needs and objectives of the researcher. This requires more time, effort, and resources than using existing data from secondary sources.

The cost of primary market research depends on various factors, such as the type and size of the sample, the method and mode of data collection, the complexity and length of the questionnaire or instrument, the quality and reliability of the data source, and the level and technique of data analysis. According to some estimates, primary market research can cost anywhere from $5,000 to $50,000 or more per project.

Data Collection Methods are Different

Primary market research involves collecting data directly from the source, while secondary market research uses existing data sources.

Data Quality is the Same

Both primary and secondary market research can provide high-quality data if the sources are reliable and up-to-date.

Data Analysis is the Same

Both primary and secondary market research provide a wealth of data that can be analyzed to identify trends and patterns.

Conclusion

Secondary market research can help you understand the size, growth, structure, and dynamics of your industry, as well as the competitive landscape and regulatory environment.

Secondary market research can be useful for importing from Turkey, as it can provide you with valuable information and insights on the performance, trends, challenges, and opportunities of the Turkish manufacturing industries. However, secondary market research may not be enough to answer your specific business questions or validate your assumptions about your target market. For that, you may need primary market research, which means collecting new data directly from your potential customers through methods such as surveys, interviews, focus groups, or observations.

Therefore, secondary market research is not what you need to import from Turkey, but it is what you need to start with.

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