Limitations of Marketing Research:
1. It is not a Panacea:
Marketing Research is not the ultimate solution to all marketing problems. Rather it offers accurate information, which can arrive at suitable decisions to solve problem.
2. Not an exact science:
It deals with human behaviour and as such cannot be examined in a controlled environment. There are various and uncontrollable factors which influence marketing forces. This gives scope for wrong conclusions. Hence this leads to marketing research as not being an exact science.
3. Limitation of time:
Its process is lengthy and needs long time to complete it. During the period between starting the research and implementation of decisions, the situation and assumptions may have changed drastically which reduces the utility of research report. Decisions based on such report prove to be obsolete and result in false conclusions.
4. Erroneous findings:
The complicated problems may not be comprehensively studied and their impact properly analysed by the researcher on account of insufficient fund, time and technique. This leads to erroneous findings, which disappoint the management.
5. Not an exact tool of forecasting:
It cannot be used as a foolproof tool of forecasting because there are number of intervening factors between the findings of the research and marketing complex. The forces act and react and interact to give a complex state, which is difficult to be studied.
6. In experienced research staff:
It needs great expertise and well-trained and experienced researcher, interviewer and investigator.
7. Narrow Conception:
Marketing research is a fact-finding exercise. It is not problem oriented. It is of low and questionable validity.
8. Involves high cost:
It is considered as a luxury for the management as it involves high cost.
9. Limitations of tools and techniques:
The validity of marketing research is also limited by the limitation of tools and techniques involved.
10. It is passive:
Its use and effectiveness largely depends upon the ability of executives to get the most value of it.