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SBa_F2001: Market Research

Strengths

The main strengths of carrying out market research include:

• Able to understand market needs, both met and unmet
• Assist in the development of new products/services
• Able to influence the market with presence

Limitations

Informative market research takes time and money to carry out and then analyse. Meaningful results take time to collate so there needs to be a balance of good marketing research as well as quick marketing research.

A broad range of people should be targeted for the research to minimise any bias. The number of people involved is also a highly important factor; the sample size must be large enough to justify the meaningfulness of results.

Further information

• Bradley, Nigel Marketing Research. Tools and Techniques.Oxford University Press, Oxford, 2010
• McQuarrie, Edward (2005), The market research toolbox: a concise guide for beginners (2nd ed.), SAGE