A marketing firm bids on a project for a bank study.In the study,a minimum of $20,000 is budgeted for data collection and focus groups after the survey.The bank responds by saying that it can only allocate $10,000 for data collection alone.What should the marketing research firm do?

Question

Quizplus · Accepted Answer

If the bank can only allocate $10,000 for data collection and the minimum budget for data collection and focus groups is $20,000, it is not feasible for the marketing research firm to undertake the project. Declining the project would be the best option in this scenario. Scaling back the project sample size or deleting the focus group research would compromise the quality of the study and may not provide the required insights to the bank.

A Marketing Firm Bids on a Project for a Bank