What is a key advantage of using Secondary Data in market research?

Using secondary data in market research is advantageous largely because it is usually less expensive to obtain compared to primary data. Secondary data has already been collected and published by others, which means that researchers can access this information without the need for extensive resources or the costs associated with conducting new data collection efforts. This can include data from reports, studies, articles, and databases that are often available through libraries, government agencies, or online platforms.

While there are benefits to primary data, such as its relevance and specificity to the research questions at hand, it often requires significant investment in terms of time, money, and effort. Since secondary data can provide a wealth of information quickly and cost-effectively, it enables researchers—especially those with limited budgets—to make informed decisions without incurring high costs.