Introduction to Research & Research Methods What is Market Research “The action or activity of gathering information about consumers’ needs and preferences” Oxford Dictionary Why is Market Research Important? • Market research guides your communication with current and potential customers • Market research helps you identify opportunities in the market place • Market research measures your reputation • Market research helps you minimise risk • Market research uncovers and identifies potential problems • Market research helps you plan ahead • Market research can help you establish trends • Market research can determine the most persuasive promise • Market research helps you establish your market positioning • Market research can find that compromise Qualitative Vs Quantitative Research Qualitative Research Quantitative Research Objective / Purpose • To gain an understanding of underlying reasons and motivations • To provide insights into the setting of a problem, generating ideas and/or hypotheses for later quantitative research • To undercover prevalent trends in thought and opinion. • To quantify data and generalize results from a sample to the population of interest • To measure the incidence of various views and opinions in a chosen sample • Sometimes followed by qualitative research which is used to explore some findings further. Sample Usually a small number of nonrepresentative cases. Respondents selected to fulfil a given quota. Usually a large number of cases representing the population of interest. Randomly selected respondents. Qualitative Vs Quantitative Research Qualitative Research Quantitative Research Data Unstructured or semi-structured collection techniques e.g. individual depth interviews or group discussions. Structured techniques such as online questionnaires. On-street or telephone interviews. Data Analysis Non-statistical. Statistical data is usually in the form of tabulations (tabs). Findings are conclusive and usually descriptive in nature. Outcome Exploratory and/or investigative. Used to recommend a final course of Findings are not conclusive and action. cannot be used to make generalizations about the population of interest. Develop an initial understanding and sound base for further decision making. http://www.snapsurveys.com/qualitative-quantitative-research/ Primary Research Data observed or collected directly from first-hand experience. (www.businessdictionary.com) Advantage Disadvantage Target issues are addressed Time consuming Applicable and usable Expensive Extensive data interpretation Not immediately available Proprietary benefits Higher potential of inaccurate feed-backs Regency of data Higher level of recourses required Accurate and reliable data Not as readily accessible Primary Research Methods & Techniques Secondary Research Data that is publicly available, rather than data that an organization collects for itself (dictionary.cambridge.org) Advantage Disadvantage Affordable Frequently outdated Easily accessible Potentially unreliable Immediately available May not be applicable to research Will provide essential background Lack of availability Helps to clarify or refine research problem Provides research method alternatives Will alert the researcher to any potential difficulty Secondary Research Methods & Techniques For more market research guidance please contact us on: E: [email protected] Ph: 01239 712333