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Why is secondary Market research essential?

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We are living in the digital age, where digitalization & technological advancement is necessary & plays a key role in our human community, however the revolution in digitalization & technological advancement also plays a key role in the corporate sector & business houses doesn’t matter whether its small, medium or large scale organization due to these revolution the way of doing business, methodology & tactics has been changed significantly.

Nowadays, the market is very competitive in nature. The survival & success of an organization strongly relies on many things such  research, data, sources, skills & online visibility. If we talk about market research, market research is considered as the backbone of every business which provides important information & statistics for your business & further development.

Market research is vast in nature which works on different methodology according to business goal, requirement & type.  One of most effective methods is secondary Market research, secondary research performed to conquer the primary research &  pre-determined the scope of the market. 

secondary research performed before primary research which is beneficial for getting data and insights from external sources which include quantitative and qualitative information. The external sources such as: 

  • Market studies

  • Competitive information

  • Government sources

  • Analyst reports

  • Previous in-house studies 

  • Prior internal focus groups

  • Customer surveys and feedback   

In simple word secondary market research involves any research conducted using external sources to helps conquer primary research . myMRPlace is a global marketplace for the market research industry. We aim to simplify market research outsourcing from both buyers as well as from suppliers by providing the best secondary research companies.

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Written by Sharayu patil

Market researcher & blogger

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