Exploratory research in business involves investigating a topic to gain knowledge and insights that can enhance marketing strategies. It is used when there is limited previous research and involves gathering facts, opinions, and observations to develop assumptions and create action plans.
Exploratory research in a business context has to do with the research activity that allows a marketer to investigate and achieve a greater degree of knowledge on a certain type of topic. Typically, that argument is something that is needed to help advance the goals and objectives of the business. Considered one or more broader examples of market research approaches, exploratory research usually goes beyond simple research identifying descriptive information and moves into a more expansive effort that can often provide insights that enhance the overall marketing approach.
Typically, the task of exploratory research becomes necessary when there are only limited amounts of previous research conducted on a given topic. In many cases, the goal is simply to gather as many facts about the subject as possible. This is somewhat different than other forms of research, which often rely on historical data to arrive at specific conclusions. With exploratory research, there is often no solid answer to some specific question, but a steady increase in understanding that may eventually point the way to engaging in some sort of research that aims to resolve a particular concern or question.
As part of the exploratory research process, a wide range of resources can be brought into play. If there are pre-existing studies on the topic, they are included as part of the fact-gathering mission. Furthermore, the subjective ideas of a target group, such as a group of employees or even a group of competitors, will be used for further insights related to the topic. This approach allows you to get a better idea of what kind of data has been established as fact, as well as the range of myths that might exist around the topic. From there, these generalized perceptions can prove useful in helping the company design a more structured plan to advance the research into an action plan that ultimately benefits the company’s mission.
Observation, in addition to gathering facts and opinions, is also an important part of the exploratory research effort. In many cases, taking the time to observe and analyze how people respond in specific contexts can provide valuable data that aids your marketing effort. Along the way, this approach can help develop more specific assumption questions that ultimately aid in the creation of marketing plans and approaches that might have been overlooked without this important component.
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