Methodicals of the Quantitaive Market Research
Market research is a social research technology involving questionnaires and respondents. The surveys are done on a group of people and information is obtained on the basis of needs and requirements of the respondents. This information is then used in creating marketing strategies and plans. The main difference between qualitative and quantitative market research is the involvement of numerically oriented questionnaires that may also requires, statistical analysis and gives a numerical measurement of the marketplace which is surveyed.
Surveys are the most common form of Quantitative researched method that involves a series of similar questionnaires in a group of respondents. These surveys are done in numerous interesting types like, on the spot interviewing, telephonic interviewing, postal market research, self completion, online surveys etc. The first two types i.e. the spot interviewing and telephonic interviewing are the most quick and cost effective ways of collecting numerical data through the respondents, the last 3 might require a time and larger expenses.
A series of basic steps are involved in the Quantitative market research are:
Defining the objective of the research, which answers the questions like, what exactly the problem is and what are its various aspects, what are its possible solution/alternatives, what information is required? The second step is designing the research that is a decision taken to decide the methodology of the research, like will it be the spot interviewing, telephonic interviewing, postal market research, self completion, online surveys or whatever. The third step is data collection; whichever method is decided for data collection is applied as the main step of the research. The raw data obtained is then analyzed using various techniques of Analysis. This raw data is then further used for the fulfilling the objective of the research, this step is known as the Writing report and presentation.
The quantitative market research is a more complex than the qualitative market research as it involved various statistical techniques so it needs a guidance of intelligent marketing managers. Marketing mangers of any organization are capable of making numerous strategic and tactical decisions in the process of identifying the customer requirements and also satisfying them. They can easily make decisions about target market selection, potential opportunities, market segmentation and implementing the necessary techniques in the research process. An intelligence taken by a marketing manager minimizes the risks of any uncontrollable situation that may arise in the research process. If it difficult for any small firm to cover a large section of market for conducting research then for obtainable objective of the research an external research agency can also be hired. While hiring external researchers, the clear objective should be kept in mind so that results are desirable. This in is favour of both the parties.
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