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SECONDARY MARKET RESEARCH. FINDING INFORMATION ABOUT CONSUMERS, FIRMS, INDUSTRIES, AND ENVIRONMENT. Market Research. Two types of market research Secondary: Use of existing information compiled by someone else or generated from internal records (e.g., billing statements, shipping records)
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SECONDARY MARKET RESEARCH FINDING INFORMATION ABOUT CONSUMERS, FIRMS, INDUSTRIES, AND ENVIRONMENT
Market Research • Two types of market research • Secondary: Use of existing information compiled by someone else or generated from internal records (e.g., billing statements, shipping records) • Primary research: Research performed expressly to obtain information on customers and markets (e.g., surveys, experiments, focus groups) • Secondary sources may not have sufficiently current and/or specific information. However, when these sources are available: • Costs are usually much lower • Information can be accessed much quickly
Some sources of secondary data: • Internal records/information system • Trade journals, magazines, and newspapers • Each industry usually has one or more trade journals—publications dealing with issues specific to this industry (e.g., Women’s Wear Daily, Air Cargo World, Ice Cream Reporter) • General business publications—e.g., Wall Street Journal, Business Week, Financial Times • General newspapers and magazines may address relevant issues • Reviews in consumer magazines of relevant product categories • Government documents • Compilations/reports (e.g., Economist Intelligence Unit reports on specific countries) • Other data bases (e.g., Hoover’s, Business & Company Resource Center)
AND: Both conditions have to be true ICE CREAM AND CARBOHYDRATE
OR: One or both conditions must be true DESSERT OR SNACK
AND NOT: The first but NOT the second condition must be true PRICING AND NOT FINANCE
The Search Form Note: In specifying searches, less is often more. You should avoid extraneous words that may have synonyms.
Other Search Types • Location (country or region) • Product name (but not company name) • NAICS code (see below) • Person name (e.g., the name of a company CEO)
“Snow Balling”: Using article records to find additional relevant articles
Industry Information: NAICS codes • Taxonomy of North American industry structure • Technically only for U.S., Canada, and Mexico but used internationally • Hierarchical structure—the more digits, the more specific the industry • Each six digit code may still cover a very wide range of products/services
Finding NAICS codes on the U.S. Census Bureau Web Site This site is usually the first one that will show up if you Google the term “NAICS.”
Business Insights: EssentialsSample Listing for NAICS 325620
Finding Books • The USC Libraries have the HOMER database of books • However, Amazon.com may provide a more useful list: • Collaborative filtering: Comparison to what others who bought particular books bought • Expanded search algorithms to identify related topics • In the second phase, HOMER can help retrieve those books we have in stock
Currency of Information • Information on some topics becomes obsolete more quickly than others—e.g., • China, Russia, India, Thailand • Internet, IT • Oil, airlines (highly cyclical)
Closing Words • The only way to learn these searches is actual practice • For many projects, you will need to search more broadly, possibly in related industries
