Importance and limitations of marketing research

This article gives you information about main importance of marketing research and limitations of marketing research.

Importance of Marketing Research :-
Success of an organisation depends largely on marketing management. If marketing is not carried properly, a business can't be run profitably. For successful implemention of marketing process, marketing research is of upmost necessity. Consumer oriented and competitive markets have further increased the importance of marketing research. Marketing research provides valuable information which provides basis for sound and accurate decisions. In other words, top management is greatly facilated in the process of decision making with the help of marketing research.
Marketing research has brought the producer and the ultimate consumer very close to each other by crossing the walls raised by marketing intermediaries in betwen. It has greatly filled the communication gap between the producer and the consumer. It studies in detail the buying habits of consumers, their taste and preferences, needs, opinions and reaction etc.
Marketing research provides valuable information with regard to new developments and innovations brought about by rapid growth of science and technology. On account of these developments, prompt adjustments and changes in various policies viz, advertising, sales pricing and distribution etc, have got to be made so that a business concern can keep itself uptodate in the dynamic market place.
Marketing management has accepted the real challenge of finding new customers, new products and new markets with the help of vital instrument of marketing research.
Marketing research has greatly reduced the possibility of error and has provided right goods at right place.

Limitations of Marketing Research :-
1. It requires large finances on account of its costly techniques. Small firms can't afford it.
2. Its techniques are applicable in gathering and interpreting information from human beings. The information given by individuals may not be correct which ultimately affects the results shown by marketing research.
3. It provides only probable, complex, and abstract solutions where as traditional management expects, simple and concrete solutions.
4. It can't be carried out successfully when some executives prefer to rely more on their own judgement and decisions.
5. It can be profitably and effectively carried out by experts possessing sound knowledge of statistics, date processing and operational research etc. These competent and expert personnel may not be available.

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