Occurrences have often proved that it is not the number of ideas you have but it is how many you make happen. This adage propels us to discuss the source of worry of every novice establishment, invoking the importance of the approach an entrepreneur shall undertake or consider prior to going into business: Marketing research thus becomes the key point in the sustainability of the company’s success; the focal points to the constitution of key accounts.
Generally, no profitable organization –even non-profitable organization –goes into business without having in mind the purpose of its operations. Every organization has more or less a milestone. The only issue is how to implement these milestones and keep the company growing. Thus comes in a valuable tool capable of responding to this problematic and preventing the company from any future defaults: ‘Marketing research’ supports businesses identify consumer needs and wants so a company can develop and promote products more successfully. Such researches tend to provide the information upon which important advertising and marketing decisions are based.
There are two types of research that you shall consider and integrate prior to going further in your business activities: qualitative and quantitative.
Companies generally begin with qualitative research. This approach helps them gain a general impression of the market, product, or consumers, enabling companies understand what formulate a viable marketing plan and eventually analyze the success of what the companies intend offering the client.
Qualitative research asks indefinite rather than yes or no questions with the intention of enabling people explain their opinions, feelings, suggestions, or beliefs in detail. ‘Focus Group’ is one of the most frequent qualitative research techniques.
In general, in the focus group, a moderator leads a discussion, which usually involves a particular service, product, or marketing situation, amongst a small group of consumers who are archetypal of the target market. Focus group can then yield insights into consumer perceptions and attitudes. Nonetheless, given the sample size (too small), the result cannot be applied to the whole market.
Consequently, focus group findings are suggestive rather than definitive. These insights are then often explored further through quantitative research, which provides reliable, hard statistics.
One of the most common quantitative research techniques is the survey in which researchers sample the opinions of a large group of people.
Unlike the qualitative type of research, the quantitative research technique uses closed-ended questions, enabling the researcher to definite the exact percentage of people who answered yes or no to a question or who opted for a specific answer (a, b, c, or d) on a questionnaire. Statisticians consider the results statically valid if the sample group is large enough and is typical of a particular group, such as executives who use cell phones. This means that if all consumers in that particular category could be surveyed, the results would still be the same.
Consequently, quantitative insights are conclusive in a way that qualitative finding cannot be. So, does it mean that qualitative research is less important and therefore shall not be putted into practice?
Not at all. Shall anyone think so, that person is surely mistaken. Qualitative technique plays a major role as it aims at providing a data base for quantitative research, targeting crucial problem, generating hypotheses and categorizing factors that may cause or influence product existence, clients’ interest or the operation of the business.
In actual fact of view, marketing research is an indispensable management gadget for a viable business plan facilitating any company to survive and succeed in today’s fiercely competitive market conditions.
The Importance of Marketing Research
Generally, no profitable organization –even non-profitable organization –goes into business without having in mind the purpose of its operations. Every organization has more or less a milestone. The only issue is how to implement these milestones and keep the company growing. Thus comes in a valuable tool capable of responding to this problematic and preventing the company from any future defaults: ‘Marketing research’ supports businesses identify consumer needs and wants so a company can develop and promote products more successfully. Such researches tend to provide the information upon which important advertising and marketing decisions are based.
The difference between Qualitative and Quantitative Research Techniques
There are two types of research that you shall consider and integrate prior to going further in your business activities: qualitative and quantitative.
Companies generally begin with qualitative research. This approach helps them gain a general impression of the market, product, or consumers, enabling companies understand what formulate a viable marketing plan and eventually analyze the success of what the companies intend offering the client.
Qualitative research asks indefinite rather than yes or no questions with the intention of enabling people explain their opinions, feelings, suggestions, or beliefs in detail. ‘Focus Group’ is one of the most frequent qualitative research techniques.
In general, in the focus group, a moderator leads a discussion, which usually involves a particular service, product, or marketing situation, amongst a small group of consumers who are archetypal of the target market. Focus group can then yield insights into consumer perceptions and attitudes. Nonetheless, given the sample size (too small), the result cannot be applied to the whole market.
Consequently, focus group findings are suggestive rather than definitive. These insights are then often explored further through quantitative research, which provides reliable, hard statistics.
One of the most common quantitative research techniques is the survey in which researchers sample the opinions of a large group of people.
Unlike the qualitative type of research, the quantitative research technique uses closed-ended questions, enabling the researcher to definite the exact percentage of people who answered yes or no to a question or who opted for a specific answer (a, b, c, or d) on a questionnaire. Statisticians consider the results statically valid if the sample group is large enough and is typical of a particular group, such as executives who use cell phones. This means that if all consumers in that particular category could be surveyed, the results would still be the same.
Consequently, quantitative insights are conclusive in a way that qualitative finding cannot be. So, does it mean that qualitative research is less important and therefore shall not be putted into practice?
Not at all. Shall anyone think so, that person is surely mistaken. Qualitative technique plays a major role as it aims at providing a data base for quantitative research, targeting crucial problem, generating hypotheses and categorizing factors that may cause or influence product existence, clients’ interest or the operation of the business.
In actual fact of view, marketing research is an indispensable management gadget for a viable business plan facilitating any company to survive and succeed in today’s fiercely competitive market conditions.
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