Types Of Market Research
As you may know, there are basically two ways to conduct market research. These are primary research and secondary research. Primary research is further divided into two types, namely qualitative research and quantitative research. In qualitative research type, descriptive information is collected, which in fact represents narrative or verbal data through focus groups or open minded interviews. |
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Focus groups are usually led by the individuals skillful in supervising smaller groups of six to twelve members through series of queries, ranging from general to specific in nature. More often than not, a group session will last for one hour. As the focus group should be supervised by some expert to be effective, these are considered most costly types for market research.
An open ended interview is typically composed of queries that cannot be easily answered with yes/no. This kind of interview provides one with a lot of essential detail, but it is time-consuming for both, the interviewer and the interviewee. The biggest advantage is that one will know the groups they are studying include emotional motivators, common trends, and general dislikes or likes of the primary market.
Quantitative research means collecting numerical details that can be evaluated statistically through some surveys. The surveys take long time to prepare, but they are lot easier to direct than various other types of market research. Since, these do not consume too much time, individuals are often more eager to respond to the surveys. Furthermore, surveys can be used as excellent information gathering means if well prepared with considerate questions.
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Types Of Market Research
