Market Research….Quality or quantity
Both quality and quantity market research has its own importance in any industry. The approach definitely differs from quality research to quantify research, but both are needed to be conducted in order to get a clear idea of the market trend and customers’ behavior. It helps to streamline strategies and execute them with proficiency. Let us understand the difference of the two forms of market research.
Qualitative market research helps to understand the buyers’ attitude through popular methods like group studies, observational techniques, in-depth interviews, etc. This enables you to get the customers’ perceptions. It is conducted on a relatively small number of respondents.
On the other hand, quantitative market research processes allow gathering the information that is depicted in the form of data that are mostly collected through questionnaires. In this form of market research, a large number of respondents is required to carry out various processes. The conclusion or the result is based on their answers pertaining to the questionnaires.
Qualitative Market Research
A certain number of people are approached to conduct a discussion on a topic. It is interactive in nature.
A well-trained interviewer that helps to identify the motives and thoughts pertaining to a certain topic.
It analyses what your target group expects and their behavior. This analysis takes place with the help of technically advanced equipment and software.
Customer safari technique
This process allows the client to study the customer and his/her discuss needs at his/her location.
Market research locations
The market researchers can watch the research that takes place inside a periphery using either a mirrored wall or advanced camera systems.
Quantitative Market Research
These questionnaires are completed by the respondents and can be handed over personally or send by mail which is also the most common form of quantitative market research.
Interview in person
In this form of interviewing, respondents are given questionnaire with a set structure and order with more open questions due to the personal level of interaction between the interviewee and the interviewer.
In this method of research the respondents are asked questions over the phone which is done mostly from the call centers. This process is quick, cost effective, shows high response rate, and the sample can be further checked and altered if needed.
Interactive voice response
It allows the researchers to perform both inbound and outbound conversations without using a telephone operator where the respondent can answer the questions using the telephone keypad.
This process is preferred because it is flexible, does not consume more time, and the data can be directly obtained from questionnaires which get filled in online.
Observational & Registration studies
In this case, the respondents’ actual behavior is observed by the market researchers who plays the role of more like an undercover agent and gathers information and introspect behavior in the crowd.