DECA Sports and Entertainment Marketing Practice Exam

What type of research is conducted by an independent company and then sold to businesses within the industry?

1. Primary research

2. Syndicated research

3. Custom research

4. Exploratory research

The correct answer is: Syndicated research

Syndicated research is the correct answer because it refers to studies conducted by independent firms that gather data and insights on a broad scale and then sell that information to multiple businesses within a specific industry. This type of research is valuable for companies looking to gain competitive intelligence, market insights, and trends without having to invest in and conduct the research themselves. Syndicated research typically covers various aspects such as consumer behaviors, market size, and industry trends, making it a useful resource for businesses that want to make informed decisions based on existing data. This contrasted with primary research, which involves collecting original data specific to a particular company’s needs, and custom research, which is tailored to the specific requirements of a single client. Exploratory research, on the other hand, is often used to gather initial insights and understanding of a topic, usually at an early stage, rather than providing comprehensive data readily available to multiple businesses.