Limitations of Marketing Research
Following are the main limitations of Marketing Research:
- Marketing Research (MR) is not an exact science though it uses the techniques of science. Thus, the results and conclusions drawn upon by using MR are not very accurate.
- The results of MR are very vague as MR is carried out on consumers, suppliers, intermediaries, etc. who are humans. Humans have a tendency to behave artificially when they know that they are being observed. Thus, the consumers and respondents upon whom the research is carried behave artificially when they are aware that their attitudes, beliefs, views, etc are being observed.
- MR is not a complete solution to any marketing issue as there are many dominant variables between research conclusions and market response.
- MR is not free from bias. The research conclusions cannot be verified. The reproduction of the same project on the same class of respondents give different research results.
- Inappropriate training to researchers can lead to misapprehension of questions to be asked for data collection.
- Many business executives and researchers have ambiguity about the research problem and its objectives. They have limited experience of the notion of the decision-making process. This leads to carelessness in research and researchers are not able to do anything real.
- There is less interaction between the MR department and the main research executives. The research department is in segregation. This all makes research ineffective.
- MR faces time constraint. The firms are required to maintain a balance between the requirement for having a broader perspective of customer needs and the need for quick decision making so as to have competitive advantage.
- Huge cost is involved in MR as collection and processing of data can be costly. Many firms do not have the proficiency to carry wide surveys for collecting primary data, and might not also able to hire specialized market experts and research agencies to collect primary data. Thus, in that case, they go for obtaining secondary data that is cheaper to obtain.
- MR is conducted in open marketplace where numerous variables act on research settings.
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- Marketing Research - Introduction
- Limitations of Marketing Research
- Marketing Research: Step by Step Execution
- Data Collection in Marketing Research
- Qualitative and Quantitative Research - Concept
- Types of Marketing Research and their Application
- Focus Groups
- Depth Interview
- Case Study
- Projective Techniques
- Survey Method
- Techniques of Survey Method
- Observation Method
- Secondary Data
- Sources of Data
- What is Big Data ?
- Big Data and the Power to Predict
- Attitude Measurement Scales
- Questionnaire Design
- Statistical Tools and their Usage - Factor Analysis
- Conjoint Analysis - Meaning, Usage and its Limitations
- What is Mystery Shopping ?
- Regression Analysis
- Concept Testing
- Brand Health Survey