There is more to market research than initially meets the eye; market research is quite a broad market which features a variety of 'flavours.
Qualitative Market Research
Qualitative research is where results are generated from a relatively small group. Some different kinds of Qualitative research would be:
- Focus Groups - A groups discussion chaired by a an independent moderator
- Depth Interview - A one to one meeting/discussion
- Project Techniques - Role play, word association, visual tests (cards, cartoons, puzzles)
- Random Probability Sampling - Random people picked and interviewed (from a town, city etc.)
Qualitative market research is quite focused and labor intensive in order to get accurate in depth data as opposed to general data from a broader market.
Quantitative Market Research
Quantitative research is based more around surveys. This could be an online survey or offline.
The way that quantitative research is carried out is via telephone, e-mail or mailing (post) whereby candidates would need to complete a survey of questions giving answers and opinions to set criteria. This information is then sent for statistical analysis so that a broad trend can be found of occurring trends in the data.
There are various market research techniques that have been used and many of us have heard of:
- Advertising Research
- Brand Research/Brand Name Testing
- Consumer Satisfaction
- Distribution Audits
- Marketing Effectiveness
- Mystery Shopping
- Product Testing
- Price Testing
- Sales Forecasting
Every kind of market research is different and each one needs to be correctly applied to the research needed.
Market research companies can gauge what sort of research is needed for a specific product/service or requirement.