Business Applications for Market ResearchThere are a number of ways that market research can be used to make better business decisions - such as product development research, customer satisfaction research, brand research and a number of others. |
Market Research Methods (or Methodologies)Between quantitative and qualitative market research, there are roughly a dozen different market research methodologies and each of them have their advantages and disadvantages. From focus groups to web surveys to phone interviews and whole lot more. |
Primary and Secondary Market ResearchMarket research is broadly broken down into two parts: Secondary market research is typically conducted by industry analysts, trade groups, government agencies or other organizations and is then sold to interested parties, given to organization members or used by the government. Primary market research on the other hand is typically conducted by companies to better understand their products, customers or markets - which then becomes the property of the company that commissioned the study and is generally not shared or sold. Secondary market research is typically significantly less expensive to purchase than it is to conduct the research yourself (because the costs are split between all of the parties that purchase it). |
Qualitative and QuantitativeFor people considering conducting their own market research (therefore it’s primary market research), the next distinction is whether they intend to conduct qualitative or quantitative market research. I realize that it’s stating the obvious, but the terms really are made much easier by remembering their root words - quantitative market research measures respondent in quantity and produces data that can be analyzed using statistical or mathematical methods. While qualitative market research is helpful in understanding the quality of a customers’ behavior or attitudes - why do they feel or act in a certain way and often described as being more "exploratory".
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