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Marketing research provides scientific study and examination of any marketing problem and offers purposeful information to make plans, policies, programmes and procedures of any marketing activity. It also helps in the execution, direction and appraisal of any marketing program. It can depict, clarify, forecast and appraise any promotion theme happened at the market place. The main advantages and disadvantages of market research are as follows;
Pros Of Market Research
- It is greatly useful in reducing marketing costs and eliminating wastage and inadequacy.
- It discloses the innovative production lines in addition to the existent one.
- It acts as a sales booster as it builds direct relation with consumers thereby knowing their demands.
- It provides the organization with the power to face the fierce competition prevalent in the market by telling about the strategies and plans of the competitors.
- It is deeply supportive in making improvements in product quality and helps the organization in knowing the likes and dislikes of consumers.
Cons Of Market Research
- Small firms cannot afford it as market research program requires huge funds due to its expensive techniques.
- Its methods are assistive in collecting and interpreting data from human beings but the information given by individuals may not be accurate. Hence, it affects the outcome shown by the research.
- It can be advantageously executed by professionals having complete knowledge of statistics, data processing and operational research etc. These knowledgeable and proficient personnel may not be available easily.
- It offers only probable, multifaceted, and nonfigurative results where as traditional management anticipates exact, straightforward and solid solution.
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Submitted by admin on Fri, 2007-01-26 05:18.