5.1 Types of Market Research

Market research is crucial for understanding consumers and making informed business decisions. It comes in two main flavors: primary research, which gathers fresh data, and secondary research, which analyzes existing info. Both are vital for getting a complete picture.

Research methods can be qualitative, exploring attitudes and motivations, or quantitative, measuring numerical data. Various types of studies, from surveys to ethnographic research, help businesses gain insights. These insights guide strategy, product development, and marketing efforts.

Types of Market Research

Primary vs secondary market research

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• Primary market research gathers fresh, tailored data directly from sources addresses specific business questions yields proprietary insights (customer surveys, focus groups)
• Secondary market research analyzes existing information from various sources provides cost-effective initial market overview complements primary research (industry reports, government statistics)

Qualitative vs quantitative research methods

• Qualitative research explores non-numerical data uncovers attitudes and motivations through focus groups, interviews, observations yields rich descriptive insights
• Quantitative research measures numerical data tests hypotheses via surveys, experiments, analytics produces generalizable statistical results

Research Types and Applications

Types of market research studies

• Surveys gather large-scale consumer opinions quickly (online questionnaires, phone polls)
• Focus groups explore product concepts in-depth with small groups (8-12 participants)
• Interviews obtain detailed expert insights one-on-one (industry leaders, customers)
• Observational studies analyze natural consumer behavior unobtrusively (in-store shopping patterns)
• Ethnographic research immerses researchers in consumer cultures (living with target demographic)
• Conjoint analysis determines feature preferences and price sensitivity (product configurations)
• A/B testing compares two marketing element versions (email subject lines, landing pages)

Roles of research in market insights

• Exploratory research uncovers new insights generates hypotheses through literature reviews, expert interviews, case studies
• Descriptive research profiles market segments measures satisfaction via surveys, observational studies
• Causal research determines cause-effect relationships tests marketing strategies through experiments, longitudinal studies