The business arena is drastically changing and firms are at a constant pressure to remain relevant and profitable. Firms are thus compelled to embrace marketing research. The sources of marketing research information are primary and secondary.
Mooi and Sarstedt, (2011) note that primary sources are the original researches that a firm conducts for its own objectives. They include surveys, experiments, focus groups, interviews, and observation. Secondary sources are based on existing information from research that was previously conducted by another entity (Mooi & Sarstedt, 2011). Examples are journals, government records, websites, and libraries.
Recreational Equipment Inc., REI may benefit from secondary sources of information available for expansion and profitability. These sources include; the government bureau of economic analysis website which contains data about consumer spending, personal income and outlays. This information may benefit REI in setting the best affordable prices that maximizes profits.
Another source would be the CIA World Fact book which details information for international market research. REI can use this information to design product needs for the consumers. It will assist the firm’s marketers decide which promotional mix to use since they have information about the international market. Data from this site can be used to determine the best places in the world where REI can set up operations. In addition, the US Census Bureau Information forms reliable information for REI to decide on the prices to set for the recreational products. Besides, Securities and Exchange Commission contains data that can assist REI know about their competitors hence provide insight on pricing.
Outdoor Industry Association, (2012) asserts that more than 140 million people in American undertake outdoor recreation in their daily lives, spending $646 billion. These sources provide information on the recreational equipment industry in general and its impact on the economy. The information is valuable to REI in that it spells out the opportunities available and the strength of the industry. Moreover, the information is useful for market research, identification, and understanding of the consumer market.