Sadia Hussain Unit 10
Main types of market research used to make marketing decisions
Introduction
“The process of gathering, analyzing and interpreting information about a market, about a
product or service to be offered for sale in that market, and about the past, present and
potential customers for the product or service; research into the characteristics, spending
habits, location and needs of your business's target market, the industry as a whole, and the
particular competitors you face” Market research is collecting and gathering the necessary
information to find out what the customers wants, needs and preferences are such as
finding out more about the target market to be able to attract them to the business and
make sure that they are satisfied.
Market research is one of the most important strategies of all businesses as it helps them
understand the target market better so their needs and preferences can be met. Businesses
have to carry out research when opening the business in a new location and launching a
new product. For example, when opening the business in a new location, they have to carry
out research on the new area, such as the crime rate and population. When launching a new
product, the business has to research on their target market so they are able to develop a
product that their target market will be interested in.
Quantitative Research
From carrying out primary and secondary research, there are two types of data that
businesses find, qualitative and quantitative. Quantitative data is to do with numbers; it is
data that can be transformed into usable statistics. Quantitative data includes surveys and
polls showing people’s opinions by numbers, such as how many people picked something,
how much and how often. An example of quantitative data would be a question asking how
often people drink a coffee day; another example would be asking people about the overall
satisfaction of experience in figures. “Quantitative data is designed to collect cold, hard
facts. Numbers. Quantitative data is structured and statistical. It provides support when you
need to draw general conclusions from your research.”
Qualitative Research
Qualitative data is more about people’s opinions and views. It helps businesses understand
more about people’s motivations, thinking and attitudes when carrying out market research.
Some methods of qualitative research include interviews and focus groups. An example of
qualitative research would be to survey people with open-ended questions and gain as
many opinions and depth in the answer as possible. Qualitative data makes it easier for the
business to understand their target market because it is more communicative and
descriptive. “Qualitative data collects information that seeks to describe a topic more than
measure it. Think of impressions, opinions, and views. A qualitative survey is less structured:
It seeks to delve deep into the topic at hand to gain information about people’s motivations,
thinking, and attitudes.”
1
