In this era of 21st century were continuous technological advancement is taking place; companies are trying their best possible means to adopt technology that could make them survive in the boat of huge competition. Today the concepts of brand have widely hit the market. Customers craze for branded products have risen to such an extent that industries are trying their fullest efforts to promote their products and services. Organizations have to understand the buying behavior of people and price sensitivity. Because of all the above factors market research surveys are becoming more dominant.
Market research studies could be basically categorized in two types i.e. quantitative research and qualitative research. These two researches have their own specification. The research which is object oriented and measurable is quantitative research, were analysis is done on to identify the market share of your company, how many people purchased your product by seeing an advertisements and many other answers. Such research follows set pattern for carrying out research. For e.g. if rating method is followed rating could be done on the scale of one to ten or poor to excellent etc. Questionnaires are prepared to collect the data, along with it telephonic or in person interviews are conducted to collect maximum output from the people. Once you have collected the overall data you have to make a statistical analysis which will help you to find out the results of your study.
The exact situation taking place in the market could be understood with the help of this research. A clear understanding of the size of the market for a concerned product range with its overall details such as who are the customers, what is the buying price and all other relevant information could be achieved. Quantitative research is finally could play a best role to keep the track of information overtime.
Another method to carryout research could be qualitative researches which will helps to understand about the reason for something happening in the market. In simple sense, it will answers to the questions such as why a particular brand is product is liked by most of the people, a craze for particular brand, and many more in relation to their competitors. As compared to quantitative research this research does not follow any set standard for doing a calculation. It is a subjective research were understanding the experience of your customers from your product they got,
Qualitative research, on the other hand, will essentially explain to you why something is happening in the market. It will answer your concerns like why people like a product or a brand and its associations, what they expect from it, and how they relate to its personality and values all in relation to its competitors. This type of research tries to subjectively understand the experience of your customers when they buy your product or participate in your organization’s promotional activities. There are no hard measurements here. Information taken is about your customers satisfaction levels through observations, interviews, focus groups and personal experience.
Even though you cannot quantify the data collected in this type of survey for market research, you can gain significant insights into what your customers think about your product, promotions, service, brand and your company as a whole. Usually, your customers would be delighted and willing to tell you their perceptions, thoughts and feelings. You can then use all these data to identify which areas do you need to improve on and how you can upgrade your product and service to increase your customers satisfaction levels and, eventually, your profit.
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