In: Economics
explain the current issues in global marketing research.
(global marketing module )
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Some companies are even now using outdated techniques and methods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.