GENERAL KNOWLEDGE

Detailed explanation-1: -Whether it’s previous industry reports or studies by official government bodies, trade associations and chambers of commerce or industry competitors, secondary market data is quantitative information that can often be procured for free or for a very low cost.

Detailed explanation-2: -As opposed to primary research, secondary research is fast and easy. It aims at gaining a broader understanding of subject matter. Primary research is an expensive process and consumes a lot of time to collect and analyze data. Secondary research is a quick process as data is already available.

Detailed explanation-3: -Due to its nature, primary research tends to require more time, especially compared to secondary research. Primary research methods also require the researcher to be more involved, since they carry out the data collection themselves. Additionally, primary research is more expensive compared to secondary research.

Detailed explanation-4: -Common examples of secondary research include textbooks, encyclopedias, news articles, review articles, and meta analyses. When conducting secondary research, authors may draw data from published academic papers, government documents, statistical databases, and historical records.