There are two types of data: Primary Data – Data that is collected first hand by the researcher. This data is specifically collected for the purpose of the study and addresses the current problem. This is original data that is collected by the researcher first hand. Secondary Data – Data from other sources that has been already collected and is readily available. This data is less expensive and more quickly attainable from various published sources. Secondary data is extremely useful when primary data cannot be obtained at all. The challenge lies in the case of method selection for collecting primary data. The method has to be relevant and appropriate. This will be the most important decision prior to beginning market research. Here are methods of data collection that are often used in market research: Street Intercept Phone Interview In-depth Interview Home Visit Interview Focus Group Discussion Online Survey Central Location Testing Trade […]

Quantitative Research is a structured way of collecting and analyzing data obtained from different sources. It involves the use of computational, statistical, and mathematical tools to derive results. Quantitative Research is conclusive in its purpose as it tries to quantify the problem and understand how prevalent it is by looking for projectable results to a larger population. Companies who use quantitative research rather than qualitative are typically looking to measure extent and looking for statistical results that are interpreted objectively. The results of quantitative research are interpreted in an almost similar manner by all experts. Below are the areas that quantitative research can be used to measure: UNDERSTANDING Market landscaping Market demand identification Consumer Usage & Attitude Brand Image & Positioning DEVELOPMENT Concept test Product assessment Advertising communications test Packaging/design assessment MONITORING Brand Health tracking Advertising tracking EVALUATING Event/activity/promotion evaluation Customer satisfaction survey Service standard measurement Data collection is one of […]

Why is it that we can think of more examples of companies failing to satisfy us rather than when we have been satisfied? There could be a number of reasons for this. When we buy a product or service, we expect it to be right. We don’t jump up and down with glee saying “isn’t it wonderful, it actually worked”. That is what we paid our money for. Delighting customers and achieving high customer satisfaction scores in this environment is ever more difficult. And even if your customers are completely satisfied with your product or service, significant chunks of them could leave you and start doing business with your competition. Direct contact with customers indicates what he is doing right or where he is going wrong. Such informal feedback is valuable in any company but hard to formalise and control in anything much larger than a corner shop. For this […]