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BUS 211: Market Research (Hargis): Secondary Research

Examples of Secondary Research:

A. Use of industry tools, such as market research reports and trade association reports
B. Use of the MCC Library Market Research Guide, especially databases Business Source Premier and Business Insight Essentials
C. Analysis- involves collecting data and organizing it based upon criteria you develop.

Sally collects info from the cosmetics industry about how much people spend on dry skin treatment each year and what the latest science in treating dry skin. She can then figure out how many people are using oatmeal- based ingredients and what kind of info is being spread about it.

Helpful Tools for Secondary Research - Industry Tools

A. Market Research Reports – most of the time market research companies will charge a lot of money to provide a detailed report about an industry or specific product / service. An example is IBISWorld

Sometimes you can find some info for free
* Statista

Sometimes you’ll have to dig
For example, here is a magazine that offers subscriptions, but then also offers a blog with lots of free info.

Some useful info can be provided by government sources as well:
Trade.gov - while focusing on exporting, may be helpful.
Data.gov has info on consumers.
Small Business Administration website – scroll to “Free Small Business Data and Trends”

B. Trade Associations –“an association of people or companies in a particular business or trade, organized to promote their common interests”. 
 Associations help businesses know the latest trends, issues facing the industry, and lobby to the government on behalf of the industry.
Learn more here. 
Other strategies:

 *Look at “Industry Stakeholders” at bottom of the page for Consumer Goods related examples.
* Food and Beverage related examples
* Various lists of associations
* Federal Trade Commission list 
*A simple Google search

Helpful Tools for Secondary Research MCC Market Research Guide

Use the sources listed on the market research guide to help you figure out more about your target market, competition, and industry.

A. Directories – check these out to find out what is happening in your geographic area and to find out more about your competition. You can find more that are specific to your industry as well.

Trip Advisor
Yelp
Four Square
SBA Size Up Tool
Local chamber of commerce
Local convention and visitors bureau
State chamber of commerce

B. State Office of Demographics and Economic Analysis

 C. Business & Industry Statistics – use the Census to help you find out more about the industry & Small Business

 D. Consumer Expenditure Surveyinfo compiled that helps you figure out who is buying what, how much, how often, etc.

E. Census Statistical Abstracts – dig into Census data to hear more of a story

 F. Google Trends -  allows the user to compare the volume of searches between two or more terms

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