Factors that influence Marketing Research decision

5 Factors that influence the Marketing Research decision

Generally, the factors that influence marketing research decisions are the following;

• Relevance
• Type & nature of the information sought
• Timing
• Availability of resources
• Cost-Benefit Analysis

Relevance: 

In such a way the research should not be conducted to satisfy curiosity or to confirm the acknowledgment of previous decisions made on the basis of satisfaction.
But it should only conduct for the usage of strategic and tactical planning.

Strategic: 

strategic is the long-term broad goals the business or individual wants and needs to achieve.

Tactic planning: 

Tactical planning is the short-term goal to achieve that described in strategic planning. The strategic plan provides you the general ideas to reach the goals while the tactic plan lay out the steps through which to achieve the goals. In the marketing factors, the relevance tells you the what, when, and why situations which occur in business activities.

Type & nature of the information sought: 

In the second factor of reach, there is no need to conduct a piece of required information if it is already existing. The decision will be taken on behalf of previous information. For example: such as at the same market if the new business is starting with the same business ideas it does not need to resurvey the whole information which already exists, just make the decision on the behalf of previous data.

Timing: 

For the timing, a factor is the research should be conducted in advance on the basis of price, product, formulation, and name. such as if there is starting a new business for that I need to conduct these data in advance to save the time.

Availability of resources: 

Availability of resources before taking a decision to go to market research it should need to check the resources such as financial, human, and economic resources as well.

Cost-Benefit Analysis: 

In the cost-benefit, it must be calculated in order to find the information sought worthy of all the resources we are going to spend.