M2 Limitation of Market Research
M2 limitation of market research
Limitation of market research – (what stops red bull and under take their research)
How is this limitation/ how it relates to Red Bull * Participant (primary)
Consent – whether they are happy to provide information, storage of information * Access to secondary research – copyright * Complete the research within the time scale (take long time participate) – trends/ fashion, competitors-new product (being a head of the competitors) filling the gap in market? Or copying red Bull’s competitors? * Time used effectively? * Resources (people/ technology) time/ money/job * Law/ethics/ pressure groups
Undertake market research – data protection act
Ethics/moral issue – mock, offending people (pressure group if not ethic)
Data protection act is to protect customers personal detail, this may limited business market research as business can only used the detail for the purpose that they have promised with customers therefore business cannot used the details for other purpose which may undertake their research on their customers groups. * Bias – not bias responses (both side of views) * Validity/ reliability – information collect accurate? must make references to it * Validity – trust the resource? * Reliability – it is useful * Accuracy – if not, waste of time * Cost effectiveness – cost vs. benefits
Too much money and not gain/ spend less money but more benefit? * Spend money on market research to ensure RED Bull stay top in the market
How would RB try to ensure that the research was cost effective?
To ensure the research was cost effective Red Bull will ensure the research that they are undertaking is useful therefore they won’t spend money on research that was useless because this will be the waste of resources. If research were useless, this may waste Red Bull’s money and the time of employees undertaking the research.
By analysing what it is they have to
Limitation of market research – (what stops red bull and under take their research)
How is this limitation/ how it relates to Red Bull * Participant (primary)
Consent – whether they are happy to provide information, storage of information * Access to secondary research – copyright * Complete the research within the time scale (take long time participate) – trends/ fashion, competitors-new product (being a head of the competitors) filling the gap in market? Or copying red Bull’s competitors? * Time used effectively? * Resources (people/ technology) time/ money/job * Law/ethics/ pressure groups
Undertake market research – data protection act
Ethics/moral issue – mock, offending people (pressure group if not ethic)
Data protection act is to protect customers personal detail, this may limited business market research as business can only used the detail for the purpose that they have promised with customers therefore business cannot used the details for other purpose which may undertake their research on their customers groups. * Bias – not bias responses (both side of views) * Validity/ reliability – information collect accurate? must make references to it * Validity – trust the resource? * Reliability – it is useful * Accuracy – if not, waste of time * Cost effectiveness – cost vs. benefits
Too much money and not gain/ spend less money but more benefit? * Spend money on market research to ensure RED Bull stay top in the market
How would RB try to ensure that the research was cost effective?
To ensure the research was cost effective Red Bull will ensure the research that they are undertaking is useful therefore they won’t spend money on research that was useless because this will be the waste of resources. If research were useless, this may waste Red Bull’s money and the time of employees undertaking the research.
By analysing what it is they have to