Market research can be conducted through quantitative or qualitative data collection and analysis. Qualitative research involves subjective discussion and observation, while quantitative research involves numerical statistics. Qualitative research can provide a different insight into market opinion, but it is more expensive and difficult to analyze. Social scientists analyze qualitative data to determine market sentiment or attitude.
Qualitative market research refers to a specific type of market research conducted in which the results are analyzed using measures, words and subjective discussion rather than statistical analysis. This type of research can provide a different kind of insight into market opinion than quantitative research, where numerical statistics are collected and analyzed. Qualitative market research generally involves smaller groups of individuals and/or is more expensive to conduct and analyze than quantitative research.
Market research refers to the process of studying and analyzing a particular market. Companies conduct this type of research often to test response to an advertisement or product or to determine whether potential customers would be interested in a particular product offering. Focus groups that test new movies and television shows are one example of a form of market research, as are online surveys in which people report their interest in a particular product or their experience with a particular product.
Market research can be conducted in two ways: quantitative data can be collected and analyzed or qualitative data can be collected and analyzed. Quantitative data is usually easier to obtain and manage; both the process of acquiring the data and the process of determining the meaning of the data are relatively straightforward. Quantitative data may involve looking at how many people have bought a particular product. It can also involve asking customers or those being sought to provide numerical answers, such as rating a product on a scale of one to ten.
Qualitative research, on the other hand, involves a different kind of data collection. Customers might be asked to provide written answers to a questionnaire, for example, or to provide an explanation of how a product makes them feel or their experience with it. Customers can also observe interaction with a product. For example, a focus group may be invited to watch a television show while sitting in front of a two-way mirror; observers can watch their reaction to the show. The same focus group can also be asked to discuss and talk about their feelings towards the given show.
All of this data from qualitative market research then needs to be looked at and analyzed to determine what that means. Determining market significance and opinion from such qualitative market research is more difficult than simply doing a statistical analysis of how many people responded with a given numerical score. In general, social scientists or other experts will analyze data conducted in qualitative market research to gain an idea of market sentiment or attitude towards the subject being studied.
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