Market research is the process of gathering, analyzing, and interpreting information about:
The goal is to understand what people want, how they behave, and what influences their decisions, so businesses can make informed choices.
Market research analysts collect and analyze data to evaluate existing and potential product/service and market analysis. They help companies make informed decisions by identifying market trends, customer preferences, and the competitive landscape.
There are two primary market research techniques in Business research. Qualitative Market Research and Quantitative Market Research.
The main difference between qualitative and quantitative research lies in what kind of data is collected and how it is analysed. Qualitative research is about depth of information while quantitative research is about the width of information
Purpose: To understand opinions, motivations, feelings, and experiences.
Data Type: Non-numerical, descriptive data.
Qualitative Data Collection Methods:
Analysis: Thematic or content analysis (finding patterns or meanings in the responses).
Sample Size: Smaller, not statistically representative.
Example Question: Why do customers prefer Brand A over Brand B?
Purpose: To measure and analyze numerical data.
Data Type: Numerical, measurable data.
Quantitative Data Collection Methods:
Analysis: Statistical (averages, percentages, correlations, etc.).
Sample Size: Larger, statistically significant.
Example Question: What percentage of people prefer Brand A over Brand B?
rumeeta@mindsnare.in
drroma@mindsnare.in
Mindsnare Research LLP
304, 305 C Wing, Meghdoot,
Shree Swami Samrath Nagar,
Opp Joggers Park, Andheri - W,
Mumbai - 400053, Maharashtra, India.
rumeeta@mindsnare.in
drroma@mindsnare.in
Mindsnare Research LLP
304, 305 C Wing, Meghdoot,
Shree Swami Samrath Nagar,
Opp Joggers Park, Andheri - W,
Mumbai - 400053, Maharashtra, India.