Question

In: Economics

explain the current issues in global marketing research. (global marketing module )

explain the current issues in global marketing research.

(global marketing module )

Solutions

Expert Solution

Various issues and problems are faced by market researchers in the global market . There is lot of data required and needed to be effectively managed to find out information about market demand and customer choices prevailing in different markets of the world. Some of the major issues faced in global marketing research are as follows -

1. Quality of data -
The data being collected and merged manually has a risk of being of poor quality. As the volume of data collated increases ,the number of errors due to human fatigue can seep in. When the collated data is of poor quality, there is high risk that the data collected for research from various sources is of bad quality as well.

2. Methodology Of Market Research-
Some companies are even now using outdated techniques and methods of data collection and gathering information. This leads to gain of improper information about various markets and leads to inefficient market reasearch.

3. Limited Technology -
Due to limited technology available ,there is difficulty faced by various firms to adopt latest technology used for research which leaves them far behind their competitors in the global market.

4. Limited Financial Resources -
A good and effective market research needs large amount of funds. Every firm cannot afford to conduct an effective market research because of lack of funds.

5. Cultural Diversity -
Different cultures prevail in different parts of the world. It is very difficult to study the needs and demands of the different customers globally . It is a big challenge faced by global companies in carrying out their research .

6. Errors in secondary data
Most of the data collected during market research is secondary data. It is difficult to gather all the data through primary sources. Secondary data can contain many errors and it can also be biased. There is lack of efficiency in data collection where most of the data used is secondary data.


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