Lesson 2 Market Research Quantitative Qualitative Essay

Submitted By Kam_kamilya
Words: 738
Pages: 3
Open Document
“Market research is any organized effort to gather information about target markets or customers.” It helps companies to identify and analyze the market size, market needs, competitors and their power, in creating a strong and effective business strategy. Before 1920’s companies publish ed their advertisement based on their copywriters thoughts and hoped that readers

would act upon the information provided. In the late 1920’s Daniel Starch ­ an American psychologist and marketing researcher ­ developed the idea of marketing research. In the early 1930’s he founded the first research company. The very first type of research was look like interview ­ they asked people on the streets about certain publication in the newspaper. It helped them to collect the data about how effective different ads were. Within several years many companies not only followed Daniel Starch’s example, but also improved the new techniques.

Economy becoming more competitive and having actual knowledge about preferences of your target audience has

become integral for every business. Today market research plays an extremely important role in business sphere. First of all, it allows business owners to determine the affectivity of the business before committing financial resources to the venture.
Second, it helps to create an effective business, marketing, adv, and other strategies based on target audiences’ insights and needs. Third, it helps to create a successful positioning for brand in contrast to competitors. Forth, it identifies new business opportunities. Here only a few reasons why companies should conduct market research.

There are two methods of marketing research ­ quantitative and qualitative. Each offers valuable information to make

business decision. To determine the method of research ­ is the very first step. Which one to choose depends on what question you need an answer. Lets look through each of the methods.

Quantitative

Focuses on obtaining data that can be represented numerically and analyzed statistically
Questions: Who? What? How many?
Requirements to the interviewer: not high
The analysis: objective, it is possible to generalize on all population
Selection: big selection of respondents
Quantitative method of research is an approach that focused on logic and data. It reveals what people think from numerical and statistical point of view. For instance, this approach suits better if we need to know how many of our customers support changes in our products or service.

Qualitative

Generally directing on an explanation of the reasons, obtaining information on deep motivation, needs of respondents, detailed information about reasons of their behavior
Questions: How? Why? What for?
Requirements to the interviewer: the highly skilled moderator
The analysis: subjective, it is impossible to generalize on all population
Selection: small number of respondents
Qualitative research based on how people feel in this situation, what they think about it, and why they make this certain choice. For instance, if you are thinking about changing your brand strategy you need to choose qualitative method to
Show More

Related Documents: Lesson 2 Market Research Quantitative Qualitative Essay

Explain with Examples How Different Market Research Methods are Appropriate to Assist Different Marketing Situations Essay

M1: Explain, with examples, how different market research methods are appropriate to assist different marketing situations. Looking back at the market research methods that could be used to collect information, methods such as questionnaires/ survey, observation, focus groups, experimentation, internet, website monitoring etc. I am going to select 3 primary and 3 secondary methods of research from the ones I have written about. I have chosen 3 primary researches which are: • Focus groups • Surveys…

Words 1318 - Pages 6

Questions On Marketing Research

Seminar topic 2: Marketing Research 1)Gathering primary research is easy anyone can collect it. Primary research is the information we gathering for the first time. It can be divided into quantitative research and qualitative research. Quantitative research is the information that can be easily analysed, such as closed questions from questionnaires. (BA handout,2013) In this situation, people are willing to spare some time to complete the simple questions. Compared with quantitative research, qualitative…

Words 1319 - Pages 6

CIM Task 1 Essay

TASK 1 Research for brand modernisation decision making A research proposal March 2013 Prepared for: New Forest Recreation Centres 1 Introduction 2 Objectives 3 Research methods 4 Secondary Research 5 Qualitative Research 5.1 Purpose 5.2 Procedure 5.3 Population and sampling 5.4 Reporting 6 Quantitative Research 6.1 Purpose 6.2 Procedure 6.3 Population and sampling 6.4 Reporting 7 Timing 8 Fees 9 Company Information 9.1 Personal CV’s…

Words 5807 - Pages 24

Essay about Red Bull - the Anti-Brand Brand

Marketing Communication: Research and Planning Spring exam 2012 Red Bull – The Anti-brand brand Question 1: Red Bull was launched in Austria in 1987, and in the 25 years that has passed since then, many things have happened that could and should affect the way Red Bull markets and brands its product as opposed to how it was done in the years after the launch. All though Red Bull was launched in 1987, it was not until 1992 that the company began expanding its distribution – first to other…

Words 6101 - Pages 25

Research Methods For Managers Essays

Research Title: “Corporate Social Responsibilities (CSR) affects company’s economic effectiveness: A Case Study of Body Shop in Cosmetic Sector”. Introduction: The concept of corporate social responsibility can be defined as the process which is used to evaluate the impact of the firm’s actions and programmes on the society and the environment. In the present competitive era, development of corporate social responsibilities practices has been one of the imperative strategies of the business firms…

Words 2449 - Pages 10

The Value Of Online Shops For Emporium And Supermarket In The UK

BPP Business School Assignment Cover Sheet Please Print in Capitals in either Blue or Black ink Programme: Professional Accounting Module Title: Contemporary Issue & Research Contemporary Issues & Research Title: The value of online shops for emporium and supermarket in the UK Tutor: John Kourakils Word Count (if applicable):2607 SRN: 1061197 Number of pages: 19 Site: London city I hereby declare that I have read and understood BPP’s policy on plagiarism and that the work presented herein…

Words 3073 - Pages 13

Essay on Qualitative Research Methods

following qualitative research methods: case study, phenomenological, and grounded theory. Synthesize the findings and determine which is best suited to a study on your potential dissertation topic. Analyze the issues associated with sample selection, validity, and bias in such a study. Qualitative Research Methods Introduction It is common for researchers to compare qualitative and quantitative research methods. Quantitative methods originate from positivist and post- positivist research paradigms…

Words 13344 - Pages 54

Essay about Marketing Planning

__________________________________________________ Module Specification Aim The aim of this unit is to provide learners with the understanding and skills to develop marketing plans that meet marketing objectives, and meet the needs of the target market. Unit abstract Effective planning is essential for any marketing activity to ensure that an organisation realises its marketing objectives. Without planning, marketing activity can be inappropriate and waste resources and opportunities. This unit…

Words 3355 - Pages 14

Does My Integrated Service Demonstrate Any Of The Principles Of A Learning Organization?

to inform my research by asking colleagues I work with to complete a questionnaire relevant to the principles and characteristics of a learning organisation. I will assess and critically analyse this feedback and provide valid evidence to identify whether individuals feel the work in learning culture based on the principles and characteristics discovered in the literature review. Finally, I will reflect and conclude my findings based on both the literature review and method of research and assess…

Words 6375 - Pages 26

Essay on Innovation and Content Analysis

AN ANALYSIS OF JOURNAL OF PRODUCT INNOVATION MANAGMENT Introduction The Journal of Product Innovation Management is the top academic journal is one of the latest research, theory, and practice in the new product and service development. This journal addresses issues that are important to effective product innovation in organization’s environments both externally and internally. Among the latest theories of product service development; the Journal of Innovation Management ranks as the number…

Words 2524 - Pages 11