BUS 3040 Unit 2 Assignment 1 Secondary Sources

Market research is essential for businesses like REI to obtain a competitive edge and establish long-term operations. By harnessing the power of market research, companies can better understand the marketplace dynamics and capitalize on emerging opportunities, as highlighted by Lamb, Hair, and McDaniel (2016), who emphasized its role in helping managers make informed decisions.

One key aspect of market research is the utilization of secondary research, which involves gathering data from external sources specifically relevant to the industry in question. In the digital age, a wealth of secondary research data is readily accessible to business owners through the vast expanse of the internet.

BUS 3040 Unit 2 Assignment 1 Secondary Sources

Market research requires analyzing factors that affect the target market, such as demographics, competitor products, industry benchmarks, and suppliers. Companies can make informed decisions and tailor their marketing efforts by gathering data in these areas.

For REI, several notable sources of secondary marketing research can provide valuable insights and information:

National Sporting Goods Association (NSGA): As a reputable trade association, NSGA has been a reliable source of research and advocacy for the sporting goods industry for over three decades. NSGA’s extensive research covers various topics, including sports participation in the United States, retail sales in the sporting goods market, financial surveys, and custom research. Retailers, manufacturers, and other organizations interested in the state of the sporting goods industry frequently rely on NSGA’s research. NSGA offers various membership packages, providing access to discounted research offerings, with many reports conveniently available online.
Sports & Fitness Industry Association (SFIA): Formerly known as the Sporting Goods Manufacturers Association (SGMA), SFIA is another prominent trade association focusing on the sports and fitness industry. SFIA Research, in collaboration with Sports Marketing Surveys USA, produces over 100 annual industry and product reports.
The reports cover various topics, including the industry’s current state, the worldwide market for sports equipment, sports and fitness participation, and financial analysis.SFIA offers membership options at different levels, providing businesses access to paid and free industry reports to stay updated on the latest trends and regulatory changes.
United States Census Bureau (Census): The U.S. Census Bureau is a valuable resource for conducting market research across various industries. Their business publications cover topics relevant to retail, wholesale trade, and service sectors.

BUS 3040 Unit 2 Assignment 1 Secondary Sources

The Economic Census is critical, runs every five years, and is the official measure of American businesses and the economy. The Economic Census provides operational and performance data crucial for planning and decision-making. Accessing information from the Census Bureau is free of charge and offers insights that are indispensable for industries, communities, and businesses.

Businesses like REI can gather valuable insights into their target market, industry trends, and competitive landscape using secondary research sources. These insights enable companies to make informed decisions, develop effective marketing strategies, and stay ahead in a dynamic marketplace.