Types of market research

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Before starting market research, you should have an idea on that  and why it is important. When you begin market research, you will likely here about the research types called primary and secondary. When it comes to basic definitions on primary research and secondary research, primary research is the type of market research which gather original information by analyzing directly for relevant purpose rather than being gathered from published source. Eg: surveys, direct observation and interviews. Simply, it means the pursuit of first-hand information. Secondary research is also the type of market research which gather existing information through available sources. Eg: information on internet, magazines and any other existing information available sources. Mainly, secondary market research is useful for a business to analyze competitors.

As an example just imagine that you are running a chocolate café that is producing handmade chocolates & selling.  As an owner of your business, you need to  gather information about the market for drinking chocolate by focusing on attitudes of customers and their behavior of chocolates with the purpose of expanding your café. So, as a primary research to gather information about your customer attitudes & their behavior, you can meet them face to face when they come to your premise and you can create a survey, asking questions on your products like “did you satisfy with our products”,  “what are your concerns in buying our products” and etc. Base on these information, you can identify which way will be suitable for expanding business.

Further, you can gather  information for marketing research using magazines, internet & any other available & suitable sources that information are already existing. Theoretically, this research can be categorized as a type of secondary research because of utilizing existing information. As an example you can also use this research type to identify current market for handmade chocolates, the culture of using chocolates among people and future prediction of the market. Based on these information, you can identify the strategies  that is for increasing market share and expanding products rang for the business.

When it comes qualitative research and quantitative research, qualitative research is defined as a market research method of observation to gather non- numerical data. This use to collect information about customer’s idea, opinion and attitudes of the products by focusing on group discussions, individual interviews, and participation/observations.

As an example for qualitative research technique, marketers of an organization collects information of customer feedback, idea, orientation and their attitudes by meeting to discuss about the problem with them and gaining feedback for the products.

And also, quantitative research is defined as a market research method of gathering numerical and statistics information. It used to quantify attitudes, opinions, behaviors, and other defined variables.

As an example for qualitative research technique, marketers of an organization collects statistics data about prediction of their sales, profits and market size by systematic observations, online polls (this for knowing about the market size).

In addition to that, we can identify about the differences between qualitative research and quantitative research. Such as:

  • The data of qualitative research are verbal and the data of quantitative research are measurable.
  •  The qualitative research type is exploratory and the quantitative research type is conclusive.
  •  The elements of analysis in qualitative research are words, picture and objects and the element of analysis in quantitative research is numerical data.
  •  The nature of qualitative research is holistic and the nature of quantitative research is particularistic.

 

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