Risk management in marketing research

Abstract

Background. The quality of marketing decisions depends significantly on the reliability of the source information. The reliability of information is affected by numerous random factors that determine the feasibility of applying risk management methods in planning and conducting marketing research.
Analysis of recent research and publications. The theoretical principles of marketing research are set forth in the works of N. K. Malhotra, G. A. Churchill and others. In Ukraine, A. Dlihach, M. A. Oklander, H. O. Peresadko, N. I. Chukhrai, O. I. Yashkina and others work on the theory and methodology of research. However, the problem of risk management in marketing research is not sufficiently studied.
The aim of the article isto identify the nature and types of risks that arise during marketing research, as well as the development of methodological approaches to managing these risks.
Material and methods. Materials of scientific works are used. The following methods were applied: analysis and synthesis to determine marketing research risks; statistical analysis to calculate risk indicators; logical to formulate recommendations for choosing the level of reliability of marketing research taking into account the risk.
Results. The essence of marketing research risks is considered. The risks that arise at certain stages of the research, as well as methods of their neutralization are determined. The methodical approach to marketing research planning in risk conditions is proposed and considered on an example, taking into account the value of information.
Conclusion. Taking risk into account when choosing a level of reliability of marketing research will allow for more substantiated planning of research in conditions of uncertainty and increase the firm's stability to risk factors.
According to the concept of the value of information, marketing research should be planned and conducted in such a way that the net value of the information received is positive, so that the increase of the result due to the use of information justifies the cost of its acquisition. The methodical approach to the choice of the level of reliability of marketing research according to the criterion of the best ratio of the expected result and risk for the managers of such an enterprise is proposed. The given recommendations will allow to carry out more justified planning of marketing researches in conditions of uncertainty, and consequently to increase firm's resilience to influence of factors of risk.