Market research can be used to support a new direction, or strategic decision in the knowledge that it will resonate throughout both the marketplace and within the organisation. Depending on the requirement, different research methodologies can be applied.
- Quantitative research involves polling a large group of people using a structured series of questions with predetermined response options. Measurement is objective and quantitative, and the data output can be analysed statistically.
- Qualitative Research involves collecting, analysing, and interpreting data by observing what people do and say. Measurement is far more subjective, coming from individual, in-depth interviews and focus groups.
Both can provide valuable understanding and insight with implications on strategy and marketing activity.
