MR - Trending and Limitations [LESSON]

Trends and Limitations

It is difficult to predict where marketing and marketing research are headed, with big data, text analytics and multiplying consumer communication channels researchers are inundated with consumer research data and noise. Here are a few of the trends that are affecting marketing research:

Trends in Marketing Research

Data

There is a lot of data out there because of the Internet. Businesses have to figure out a way to unlock its relative meaning to their company.

Social Media

Areas like loyalty programs, transitional marketing efforts, big data, and analytics are areas enmeshed with social media. The goal will be to move away from focusing solely on customer acquisition and toward the retention of existing and best customers.

Global Marketplace
Due to increased international competition, US companies must improve or change products frequently to hold on to customers.

Few companies can conduct as much marketing research as they would like due to a few limitations listed below.

Limitations in Marketing Research:

  • Money
  • Time

Career Highlight

Marketing Research Analyst

Market research analysts gather data to help organizations make decisions about products and services. Marketing researchers gather information on consumers' wants and needs and industry trends. Marketing research analysts collect consumer data by surveys, interviews, or focus groups. They analyze a business' advertising, marketing, and communications programs. They give company executives' data to make important decisions.

  • You must have at least a bachelor's degree
  • Earn $58K+

Statistician

Statisticians come up with meaningful consultations to raw data. A statistician uses mathematics to make random data mean something so business executives can solve problems and develop solutions. Statisticians can work in a variety of industries:

  • Marketing
  • Professional Sports
  • Healthcare
  • Government
  • Environment

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