Marketing: Market Research: the reliability of research data - CCEA

Having reliable market research data is essential.

Basing decisions on unreliable research can be very costly to a business.

For research to be reliable, it must have a high level of validity.

This means that the facts and evidence gathered are accurate.

The advantages of having reliable market research data include:

• the business can make properly informed decisions

• reduces risk

• means less money is wasted

• gives a higher chance of business success

The consequences of relying on unreliable market research data include:

• the business making unwise decisions

• it could ultimately cost the business money

• the business could bring out products that don’t sell

• the business could fail

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