Author: Jim Riley Last updated: Sunday 23 September, 2012
In terms of data capture and analysis there are two main
types of market research:
• Qualitative Research
• Quantitative Research
Quantitative research is about measuring a market and quantifying that measurement
with data. Most often the data required relates to market size, market share,
penetration, installed base and market growth rates.
However, quantitative research can also be used to measure customer attitudes,
satisfaction, commitment and a range of other useful market data that can
tracked over time.
Quantitative research can also be used to measure customer awareness and
attitudes to different manufacturers and to understand overall customer behaviour
in a market by taking a statistical sample of customers to understand the
market as a whole. Such techniques are extremely powerful when combined with
techniques such segmentation analysis and mean that key audiences can be targeted
and monitored over time to ensure the optimal use of the marketing budget.
At the heart of all quantitative research is the statistical sample. Great
care has to be taken in selecting the sample and also in the design of the
sample questionnaire and the quality of the analysis of data collected.
Market research involves the collection of data to obtain insight and knowledge
into the needs and wants of customers and the structure and dynamics of
market. In nearly all cases, it would be very costly and time-consuming to
collect data from the entire population of a market. Accordingly, in market
research, extensive use is made of sampling from which, through careful design
and analysis, Marketers can draw information about the market.