Marketing research problem example
Marketing research is an invaluable tool for collecting information about a given industry. The information collected by doing the market research helps companies in several ways. Sometimes, however, the information gathered can lead to problems because the information either points in the wrong direction or is misleading because of falsities or bias. Companies should be very careful to avoid inaccurate marketing research because this can lead to destructive decisions. Here are a couple of examples of how marketing research can go wrong.
There are many ways that a survey can go wrong, but two of the more common are the surveys being somehow biased and not collecting the right kinds of information. Both are serious problems, and if they exist in a survey, they create an opposite effect to what is intended.
Surveys not asking the right questions or asking questions for the wrong reasons is a serious issue. To design relevant and efficient surveys is a true craft. The whole purpose of a survey is to collect a certain type of information, and that information is supposed to allow a company to make decisions based on assumptions. If the data does not truly represent the population they are studying, the decisions that they make are going to be based on either a smaller part of the population than they had originally intended, or on none of it. Not only are inaccurate surveys a waste of company resources, but they also have the potential for causing irreversible damage.
Even when surveys are properly put together and are focused on precisely what they should be, problems can still arise from participants not completing them correctly, or at all. There are times when a survey which is intended for every member of a particular target market is only completed by certain members of that group. That’s one reason you benefit from big survey panels. What that leads to are conclusions that are quite biased and that do not take into consideration the needs and opinions of the missing members of the population. The implications of basing decisions on information that is supposed to take everyone into account but doesn’t, should be pretty obvious. The company risks alienating a large part of their customer base.
Looking at the above example of a marketing research problem, it is easy to see how important it is to consider all of the variables involved in a particular situation. Without an expert, able to have the proper foresight, it is almost guaranteed that a company will get blindsided by unexpected obstacles that damage the integrity of its business and its initiatives.
Nepa is taking the concept of actionable insight to the next level – to more levels and more people in an organization and more clearly explained. We believe in distributing the right data, in the right format, to the right stakeholder, at the right time, enabling decentralized and customer-centric decision-making. We have an end user-perspective where we find and solve customers business issues that our competitors don´t. We enable our clients to invest their efforts where innovation, development and sales is created.