The Cost of Industry and Market Research
Sally Armstrong
Research is Expensive and Time-Consuming
Conducting industry and market research, whether it is primary or secondary research, can be both expensive and time-consuming. Creating a survey can take quite a bit of time if you are not familiar with how to design one or how to analyze the results you have gathered. As well, purchasing industry reports can be very expensive with a single report costing hundreds if not thousands of dollars.
Each year UNB Libraries pays tens of thousands of dollars in subscription costs to be able to provide you with access to top-tier industry and market research databases. It is highly recommended you take advantage of the access you have to these resources as a UNB student. The valuable information they hold can help you get a head start on your due diligence for starting a company. They will also prepare you for using these types of resources in your future career as many companies have subscriptions to these very databases.
Below are examples of how much an individual report would cost from Statista, IBISWorld, and BCC Research, if you did not have access to them through the library. Take note of how expensive it can be to purchase an individual report and consider the information privilege you enjoy as a student at UNB.
Terms of Use
Due to the high cost of industry and market research databases, the database vendors are very protective of the information they provide to their subscribers. The result is very strict terms of use that students, staff, and faculty must follow. The terms of use are as follows:
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Our licensing agreements state that access is limited to current students, faculty and staff of the University of New Brunswick.
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The information within the databases is for individual, non-commercial, educational and research purposes only.
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Reports cannot be shared with individuals outside of the University of New Brunswick.
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The information must be analyzed, summarized and combined with research from other sources.
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The information must be properly cited.
You must be very careful to not share information from the industry and market research databases with individuals outside of UNB. This is also important in a co-op placement or internship situation where you might be working for a company through a UNB program requirement. You are not allowed to share access to the databases with a company or share information with them directly from the databases. Under certain circumstances, depending on the database, you may be allowed analyze, summarize, and combine the information with research from other sources when preparing work for a co-op placement or internship.
If you have any questions about the proper use of the industry and market research databases available through the library please reach out to the Business Librarian.