Qualitative market research involves subjective measures, words, and discussion, while quantitative research involves numerical statistics. Market research can be conducted through surveys, focus groups, and observing customer interactions. Qualitative research is more expensive and requires analysis by specialists to determine market sentiment.
Qualitative market research refers to a specific type of market research undertaken in which results are analyzed using subjective measures, words and discussion as opposed to statistical analysis. This type of research can provide a different view of market opinion than quantitative research, in which 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. Businesses often conduct this type of research to test response to advertising or a 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 an 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 carried out in two ways: quantitative data can be collected and analyzed or qualitative data can be collected and analyzed. Quantitative data is typically easier to obtain and manage; the process of obtaining the data and the process of determining the meaning of the data is relatively simple. Quantitative data can involve looking at the number of people who have purchased a particular product. It can also involve asking customers or those being surveyed to provide numerical responses, such as rating a product on a scale of one to ten.
Qualitative research, on the other hand, involves a different type of data collection. Customers might be asked to provide written responses 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 be observed interacting with a product. For example, a focus group might be asked to watch a television program while sitting in front of a two-way mirror; watchers can watch their reaction to the show. This same focus group can also be asked to discuss and talk about their feelings about the program in question.
All of this qualitative market research data must be analyzed and analyzed to determine what it 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 rating. Generally, social scientists or other specialists analyze data conducted in qualitative market research to obtain an idea of the sentiment or attitude of the market towards the subject studied.
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