Nature And Scope
Marketing research is the best way to establish the status of the market before you can initiate the marketing campaign. The benefits of marketing research are great and this brings the question; what the nature and scope of marketing is the best? Essentially, this is about the extent to which the research is done.
Market research in the current time does not have to be done by the marketing firm, it can also be assigned to a research agency which then reverts back with the results and the advice needed. But with regard to the scope of marketing research, there are various factors which determine the extent to which you carry out research.
The Quality Of Data Needed
When initiating a marketing research, there are objectives set. These are the guiding factors and so, they play a major role in spelling out the scope of marketing research.
Depending on the objectives, the research can either be shallow or detailed. If more detailed data is needed, then the scope of marketing research is higher and vice versa.
This factor is also responsible for the determination of other factors like the methodology of the research and the nature of the research. Also, if the objectives for the research are complex, it will require the stakes for the research to also be higher.
Nature Of Marketing Research
The nature of the research dictates the methodology which then impacts on the scope of marketing research. For example, some marketing researches will require the application of a research methodology that is long term and complex.
For example, a market research to establish the effect of a certain cereal in the market requires a long term study. It involves the release of the seeds into the market, observation when the farmers plant it and then the effect of the cereals to the market after harvest.
The scope of this marketing research is higher as it will also require the installation of control experiments.
The Personnel Doing The Research
The scope of marketing research is also determined by those who are doing it. For example, if the field research staff is well trained, carefully selected and tested to ascertain their research skills, then it is more likely that the scope of the research will be high.
This is because they are more likely to collect the data from the field in the right manner and with the least error if any. This way data is collected from the primary sources.
Otherwise, the scope of marketing research will be low as the field personnel will rely on secondary materials for the data.
Finances Power Of Marketing Research
This is the financial power behind the research expedition. If the research is not well funded, then it might not be possible to hit a higher scope of marketing research.
This is because the level of marketing research, which is scope, and the financial requirement are directly related. To have a higher scope of marketing research, you need to have a good financial backing.