Multiple forms of market research are used in a thorough market research process. The simplest way to distinguish between many forms of market research is to categorize them as qualitative or quantitative.
Qualitative vs quantitative market research distinction can be as follows –
To answer important business questions like “Is there a strong market for our product?” or “What do our target consumers prefer?” quantitative research seeks to gather reliable and consistent data and statistics. Quantitative primary research data is frequently gathered through questionnaires and surveys. Closed-ended questions are often used in quantitative data gathering techniques to produce insights. The number of study participants must be sufficient, and care must be taken to ensure that the target population is well represented.
However, gathering data is only one aspect of quantitative research. It must be arranged, evaluated, and delivered to decision-makers to be used as trustworthy and actionable business intelligence (e.g., executives, board members, marketing directors, R&D leaders, business owners, etc.). The majority of enterprises, including almost all small businesses, lack the tools, know-how, and resources necessary to handle this internally. Qualitative research is used to gain a better knowledge of consumer motivation and emotion. In this regard, qualitative research focuses more on the “why” of consumer behavior whereas quantitative research primarily examines the “what” of such behavior. By using this method, you may learn why customers like or detest a company, why they prefer some marketing messages over others, and what drives their actual purchasing behavior.
Focus groups, online message boards, in-depth interviews, and other methods are just a few approaches for carrying out qualitative market research. Different techniques and approaches have benefits and downsides, but skilled moderators know how to manage each style for the best results. Because there are fewer respondents, modifications must be made to prevent bias; otherwise, there would be plenty of raw data but very little useful insight.
Another Quantitative vs Qualitative market research difference is that qualitative research aims to pinpoint, investigate, and comprehend intricate systems. Measurement, counting, estimation, and characterization are all done using quantitative investigations. As a result, we are working to create hypotheses, find correlations using qualitative research, and then either validate or disprove those assumptions using quantitative research.
Specific techniques, such as in-depth interviews, focus groups, ethnography, and language analysis, are the foundation of qualitative market research. Online and offline surveys and polls that use quantitative approaches provide results from quantitative questionnaires.
A quantitative survey would often use samples of several hundred respondents to be representative (or even millions in the case of models based on big data), but qualitative research typically uses smaller samples (typically between 15 and 30). Due to its inherent lack of organization, the qualitative phase is typically lengthier and more complex than the quantitative phase. Therefore, tracking a qualitative phase through time demands a lot of dedication. The quantitative survey will not last as long as the qualitative phase.
Some of the companies which provide quantitative research services are Strategy Here, Mordor Intelligence, SIS International Research and BIS research.
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