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:

1. 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.
2. 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.
3. 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.

References 

Entrepreneur. (n.d.). Secondary market research. Retrieved from 

https://www.entrepreneur.com/encyclopedia/secondary-market-research

Lamb, C. W., Hair, J. F., & McDaniel, C. (2016). MKTG 9 (9th ed.). Boston, MA: Cengage 

Learning. 

National Sporting Goods Association. (2017). NSGA Research. Retrieved from 

https://www.nsga.org/research/

Sports & Fitness Industry Association. (2017). SFIA Overview. Retrieved from 

https://www.sfia.org/about/overview

United States Census Bureau. (2017, February 16). Economic Census. Retrieved from 

https://www.census.gov/programs-surveys/economic-census/about.html

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Initial responses to the DQ should address all components of the questions asked, including a minimum of one scholarly source, and be at least 250 words. Successful responses are substantive (i.e., add something new to the discussion, engage others in the discussion, well-developed idea) and include at least one scholarly source. One or two-sentence responses, simple statements of agreement or “good post,” and responses that are off-topic will not count as substantive. Substantive responses should be at least 150 words. I encourage you to incorporate the readings from the week (as applicable) into your responses.

• Weekly Participation

Your initial responses to the mandatory DQ do not count toward participation and are graded separately. In addition to the DQ responses, you must post at least one reply to peers (or me) on three separate days, for a total of three replies. Participation posts do not require a scholarly source/citation (unless you cite someone else’s work). Part of your weekly participation includes viewing the weekly announcement and attesting to watching it in the comments. These announcements are made to ensure you understand everything that is due during the week.

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Familiarize yourself with the APA format and practice using it correctly. It is used for most writing assignments for your degree. Visit the Writing Center in the Student Success Center, under the Resources tab in Loud-cloud for APA paper templates, citation examples, tips, etc. Points will be deducted for poor use of APA format or absence of APA format (if required). Cite all sources of information! When in doubt, cite the source. Paraphrasing also requires a citation. I highly recommend using the APA Publication Manual, 6th edition.

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I discourage over-utilization of direct quotes in DQs and assignments at the Master’s level and deduct points accordingly. As Masters’ level students, it is important that you be able to critically analyze and interpret information from journal articles and other resources. Simply restating someone else’s words does not demonstrate an understanding of the content or critical analysis of the content. It is best to paraphrase content and cite your source.

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The university’s policy on late assignments is a 10% penalty PER DAY LATE. This also applies to late DQ replies. Please communicate with me if you anticipate having to submit an assignment late. I am happy to be flexible, with advance notice. We may be able to work out an extension based on extenuating circumstances. If you do not communicate with me before submitting an assignment late, the GCU late policy will be in effect. I do not accept assignments that are two or more weeks late unless we have worked out an extension. As per policy, no assignments are accepted after the last day of class. Any assignment submitted after midnight on the last day of class will not be accepted for grading.

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