When conducting market research, you want to gather as much information as possible to fix or improve a problem within your business or company. You always want your research to be successful, however there are a few boundaries and limitations when it comes to conducting research. In this blog, I will be discussing some of the limitations and boundaries my group may face while working on our final project.
The first fundamental boundary when conducting research is market research is not effective in situations where the decision maker has to predict the future with some precision. This means that the more precise the needed prediction, and more distant the future, the less the effectiveness. Our group is doing research on Wesleyan’s promotional material, which includes their website and printed material. We can only do research that can apply for the next few years for it to still be effective. We don’t know what the college will be like 10 years from now so we need to make sure our research will be relevant to how it is currently. When trying to update and improve Wesleyan’s promotional material, we can add new information and pictures so they won’t need updated in the next 4 or 5 years. We want to make sure we keep the information current because we can’t predict the future of the college after we have graduated or aren’t affiliated with the college as much.
The second fundamental boundary when conducting research is market research is not effective when there is a real uncertainty. The greater the degree of uncertainty, the less effective market research can be. This boundary also occurs when the cost of information, in dollars or time, outweighs the benefit received or when the precision of the information that can be gained for reasonable cost is inadequate. For my group’s final project, we aren’t doing any research that requires us to spend any money. All of the research we will be doing will be from secondary research or will be given to us through Wesleyan’s promotional team. All of our research needs to be precise in helping Wesleyan to improve their promotional material. We have to make sure we do as much research as possible in order for them to get the results they want.
If our group feels like we cannot conduct effective quantitative or qualitative research, it may be that it costs too much, the amount of time we are working with is limited or one of the types of research isn’t needed. However, with our group project, we are doing a mixture of quantitative and qualitative research. This research isn’t costing us anything to conduct. With the mixture of both types of research, we are able to find out different types of information on certain aspects of updating and improving Wesleyan’s promotional material.
Even if there are boundaries and limitations when trying to do market research, businesses have to be able to overcome them and do the best research they can. Also, determining which type of research would be best to conduct depends on what problem the business is facing. Overall, market research is a very helpful tool to the business world and can help companies improve in so many ways.