Types of Marketing Research

In this article, you will learn about What are the various types of marketing research?

The term “market research” refers to the systematic process of collecting, recording, and analyzing data relevant to solving a marketing problem.

Types of Marketing Research

Types of Marketing Research
Types of Marketing Research

Marketing research can be divided into a variety of categories based on the study’s research goal and the data sources used to compile the findings. Based on the research’s functional objectives, marketing research is categorised as follows:

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Exploratory Market Research:

It is common for researchers to use exploratory research when they have very little information about a research problem and need to learn more about it before coming up with a solution. Clearing one’s concept, gaining insight, formulating problems, weeding out impractical ideas, and developing a hypothesis are all necessary steps in this process. It’s possible to do this by using secondary data, which includes information from both inside and outside the company, conducting observational studies and consulting experts, and analyzing feedback from the market and surveys.

Descriptive Market Research:

Finding the correct answers to a research question is the primary goal of descriptive research. Consider questions like: Who are the potential customers? How are the products consumed?, What percentage of the population uses the product?, and what is the demand forecast? It is also important to ask about potential rivals. The goal of descriptive market research is to determine how often and how strongly the variables under study are linked.

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Causal Market Research:

It is the goal of causal market research to determine the relationship between the various variables, such as the impact on product durability if the packaging is altered. Due to these reasons this research is conducted in order to explain why a certain change is observed in the other variable.

Predictive Market Research:

To put it another way, predictive research is used to forecast or predict a specific market variable. Predicting future sales, projecting growth, testing a new product on a small market to see if it is a success, and defining a company’s product line are just a few examples.

Based on the type of data collected and the required level of mathematical precision, marketing research can be further subdivided into the following categories:

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Qualitative Market Research

Qualitative market research is the gathering of non-numerical, difficult-to-measure data from primary or secondary sources. This type of market research is collected by researchers because it can enrich the data.

Rather than pinpointing an exact truth held by a target market, this type of market research summarizes and infers. For instance, qualitative market research can be used to determine how a new target market reacts to a new product and then translate that response into a clear explanation for the company.

Quantitative Market Research

Quantitative research is the collection of numerically oriented primary or secondary data that is easier to collect. This type of market research is collected by researchers because it can provide historical benchmarking based on facts and figures.

There are a variety of ways to gather this information, including polls, surveys, desk research, web statistics, and financial records, all of which can be exploratory in nature at this point.

Researchers can use quantitative market research to build the foundation of knowledge they need to investigate hypotheses further in qualitative market research.

As a result, an organization’s marketing research can take on a variety of forms depending on the goals it seeks to achieve and the data it gathers.

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