Limitations of Market Research

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Presentation transcript:

Limitations of Market Research By: Maj, Jake and Ben

Limitations when doing Market research Study shows that there is not enough specific information about market limitations. The data that is produced can be wrong. Most secondary data are non-specific to organisation. Market research is conducted in an open market place where numerous variables act on research settings Market research is a time consuming task, there are no shortcuts in market research can take at least 3-6 months to fix a marketing issue. The data/results can be miss used, can be used to delay business decisions can be used to support the views of an individual.

Pro’s and Con’s of Market research Dairy milk, do only 100 test samples because it is more meaningful. A researcher can find no statistical confidence in a sample of ten. In samples of 1000 the statistical confidence is considerably more reliable. The more samples you ask the more reliable the data is. Apple do not do market research, this is because Steve Jobs always insisted that market research will stop Apple leaping forward in the world of technology.

Sample Bias Even with a large sample size, it is possible to get inaccurate findings due to being bias. For example in 1936, an American magazine made a wrong forecast of a presidential election despite a sample of 2.4 million potential voters. The magazine said the republicans candidates would win 53% of the poll, whilst the democrats won by a landslide, therefore the commentators laughed at the useless new science of sampling.