Why firms may not have a need for marketing research ?

Answer :

Market research is applied by companies when they are about to enter a territory they had not been aware of. Like for example if a company is planning to launch a new product in the woman’s category, it might have to undertake research to see if its innovative product has any scope. Similarly if it is entering a new region altogether, it needs to understand the demographics of the region for better product placement. Market research in yesteryears was plain and simple. It gave a good idea about the spending habits, age group, income levels, professions etc about people whom the company was planning to target. But things have changed. Now companies need very less market research and the reasons could be any of the below

• The need for market research gets eliminated when nothing has changed in the market. Market conditions when they change, they are for the long term. But in the short run, markets just do not dramatically modify hence eliminating the need for market research.
• The spectrum of activities under market research now also includes deep data analysis thanks to the technology available. Some data of customer habits can also be purchased from agencies leaving the research part out of company’s scope.
• Thanks to the internet revolution and digitization, a lot of information is already available on the internet that gives out enough insights to the companies.