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Quantitative Market Research

Quantitative Market Research

❶Strategic market research for Business-to-Business and Industrial Markets.

Qualitative Market Research

Quantitative Marketing Research
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By adding two or three questions of your own to the survey, you can get some useful feedback. This is ideal if you are thinking of going into a new market. Quantitative market research can answer many business-critical questions , including:.

Collecting data is just one part of the research task. You have to collate it and analyse it as well. With a complex survey, this can be a specialist task in order to extrapolate all the findings and drill down into the data to see how different groups have responded. However, a simple survey can be very effective and highly revealing, and small firms can always benefit from asking their customers what they think.

Breadcrumb You are here: Home Market research Questionnaires surveys and focus groups What is quantitative research. Why do I need market research? How to carry out quantitative research Quantitative market research typically includes customer surveys and questionnaires. Quantitative research techniques Choosing how to conduct your survey is an important issue. What can quantitative research tell me? Quantitative market research can answer many business-critical questions , including: Is there a market for your products and services?

What awareness is there of your product or service? We often use qualitative research to help our clients understand the reasoning behind someone's decision to buy or not buy a particular product or service. This research approach can also be used to explore-or even to generate-new ideas for products and services. These types of studies allow us to ask probing questions to both identify the factors that drive purchase behavior and to understand why the factors are important.

The following is a list of some of the types of qualitative studies we conduct:. Quantitative studies are best to implement when you need conclusive answers to research questions.

Unlike qualitative studies, quantitative research involves large sample sizes where the survey questions are defined and specific, rather than exploratory. The goal of quantitative research is to provide statistical information about research questions so that accurate conclusions can be drawn from the data.

We often conduct quantitative studies to help our clients understand how many people will buy their product or service and to profile these prospective customers in a statistically valid way. Because of the large sample size and "categorized" responses to questions, the data can be aggregated and quantified.

This makes it possible to draw conclusions that are "projectable" to the target audience you want to reach. Unlike qualitative research, quantitative researchers do not use focus groups or interviews; rather, they collect a set of quantifiable data to assess customers' desires, perceived needs, and opinions.

The disadvantage of quantitative market research is that the discussion with the sample isn't really flexible, says Greg Rice, a principal of Kelton Research, a market research firm based in California. With qualitative research, on the other hand, "You get a lot of depth in your questions and you can do things like observe people's reactions, and not necessarily what they say, but how they react with body language," he says.

The advantage of quantitative market research, though, is that it is easier to project your questions to a bigger sample, which, in turn, can result in a more accurate snapshot of the market.

Techniques for Strategic Planning. The best "step one" is starting with stating your objectives, Rice says: Too often clients will have a fuzzy set of ideas about their customers, Rice says.

That will lead to fuzzy research, and the result is that you don't learn a whole lot. It's important to be crisp about your goals for the research. For example, maybe they want to increase their share in the market, or maybe they're losing customers and trying to win them back," he says.

Step two, Flores says, is to find relevant research that already exists. Some universities offer studies, which can be obtained for a fee. Some analysts also syndicate research to the public. If you're a start-up planning on going to a venture capital firm to ask for money, there are quantitative surveys you should consider conducting beforehand, says Flores. And then they need to know who you're competing against, what share [of the market] they have, and what people want that they aren't getting.

High Concept - Tapping a New Market. To design the survey and its questions, firms will need to work collaboratively with the research firm to achieve the most accurate results possible, Rice says. First, we take a crack at writing the first draft of a questionnaire. Then we'll come back and have a workshop session and go over why we did one question in a certain way as opposed to another.

If there are particularly complex questions, you can do what's called metric testing - or question testing. Sample design, or the types of people you are targeting for the survey, is important to consider when asking the questions. You want to appeal to them and you want to know how they'd react to it," explains Rice. But sometimes a product can alienate your core, which is why finding the right sample design is necessary. Many research firms rely heavily on the knowledge the business owner already has.

Once the questions have been formulated, they go through rigorous testing to determine if they're percent clear.

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The advantage of quantitative market research, though, is that it is easier to project your questions to a bigger sample, which, in turn, can result in a more accurate snapshot of the market.

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Quantitative research means asking people for their opinions in a structured way so that you have facts and statistics to guide you. To get reliable results, it’s important to survey people in fairly large numbers and to make sure they are a representative sample of your target market Quantitative.

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Quantitative Market Research is a technique to ask questions to the target audience in an organized manner using surveys, polls or questionnaires. This article also talks about the reasons to conduct quantitative market research, it's significance, characteristics, methodology, common techniques and steps to conduct such a research. It also . Definition: The Quantitative Market Research deals with the hard facts and statistical data rather than the opinions, feelings, and attitudes .

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There are two types of market research: qualitative and quantitative. Each approach can offer valuable information and insights to help you make informed business decisions. The first step in any research study is to determine which type of research is most appropriate. Learn all about quantitative and qualitative market research, the differences between the two, and which method is best fits your needs!