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M2 Explain the limitation of marketing research used to contribute to the development of selected organisations marketing plans

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Introduction

M2: Explain the limitation of marketing research used to contribute to the development of selected organisations marketing plans How PESTLE is affected by Cost Effectiveness Political Political factors can be affected by cost effectiveness in an organisation when the costs the coasts of obtaining information from the behaviour within civil governments and other group interactions such as corporate, academic and religious institutions are not sufficient. This is vital for the business because it is really important that the business obtains good information with right amount of budget. Economic An example where economic is affected by coast effective is when the budget of a business is low to obtain information about the economy. This could result in the organisation having poor quality results and information from their search and could lead to them using inaccurately plan goods and services that are not suited to the environment they operate in. This will cost the business time, money and competitiveness as they will lose out to their competitors who in possession of right information. ...read more.

Middle

The strategies set up to achieve those objectives will take time to develop but they will be working towards wrong objectives. By the time the organisation realises the error they have made, they will have to change the way they operate which in turn will affect the organisation. After all these events, the organisation will then evaluate the objectives If the information obtained on audit with PESTLE is not reliable or not from reliable sources, the information that has been gathered will be deemed as invalid because it comes from an unreliable source. How SWOT is affected by Cost Effectiveness Internal strengths And Internal Weaknesses Cost effectiveness can affect internal strengths and Weaknesses because they help the business in analysing what areas they can and need to improve and also evaluate what their strengths weaknesses are to strengthen these areas too. If because of that the business is unable to do so, it can cause them problems in their future operations. ...read more.

Conclusion

Market research can only be relied upon and effective if it has come from valid and detailed a source which is affected by cost effectiveness. How SMART is affected by the Validity of Data Collected If the research that has been collected from the smart objectives is inaccurate then the objectives that the business has set based on the collected information will also be wrong. If the objectives are inaccurate or unreliable then the strategies that have been placed to achieve those objectives will lead the organisation to work towards wrong objectives. If the strategies and objectives are inaccurate then the changes that have been made to achieve those objectives will also been working towards wrong targets. By the time the business realises that most of their activities have been based on wrong information, they will see all the damage that it has caused them. The business working towards their goals with wrong objectives based on wrong information will have wasted their time and resources. This will affect their performances and progress in the future. ...read more.

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