What are the various types of marketing research? Explain.

Market research76 (also called marketing research) is the action or activity of gathering information about market needs and preferences. This helps companies understand their target market — how the audience feels and behaves. There are variations of market research in our lineup that we’ll explore in more detail.

1. Qualitative research

Qualitative market research is the collection of primary or secondary data that is non-numerical in nature, and therefore hard to measure.

Researchers collect this market research type because it can add more depth to the data.

This kind of market research is used to summarise and infer, rather than pin-points an exact truth held by a target market. For example, qualitative market research can be done to find out a new target market’s reaction to a new product to translate the reaction into a clear explanation for the company.

2. Quantitative research

Quantitative research is the collection of primary or secondary data that is numerical in nature, and so can be collected more easily.

Researchers collect this market research type because it can provide historical benchmarking, based on facts and figures evidence.

There are a number of ways to collect this data — polls, surveys, desk research, web statistics, financial records — which can be exploratory in nature without a lot of depth at this stage.

Quantitative market research can create the foundation of knowledge needed by researchers to investigate hypotheses further through qualitative market research.

Learn more about qualitative and quantitative from top 10 market research company68

1.Exploratory research 

Here, research questions are explored which does not intend to offer final and conclusive solutions to existing problems. This type of research is usually conducted to study a problem that has not been clearly defined yet.Conducted in order to determine the nature of the problem and helps us in better understanding.Exploratory research is the initial research, which forms the basis of conclusive research. It can even help in determining the research design, sampling methodology and data collection method.It283 helps to tackle new problems on which little or no previous research has been done.

2.Descriptive research

Descriptive research focuses on current issues through a process of data collection.They are used to describe the behavior of a sample population. Here, only one variable is required to conduct a study. The three main purposes of descriptive research are describing, explaining and validating the findings.Example, what product features consumers like the most?

3.Explanatory research

Explanatory research is conducted to understand the impact of certain changes in existing standard procedures. Conducting experiments is the most popular form of casual research. It is conducted after decision making stages.It293 uses highly structured approach.Example, will consumers buy more products in red package?