If you are considering carrying out a market research project for your business then one thing is absolutely vital, and that is to fully understand the important differences between quantitative and qualitative market research methodologies.
For quantitative industry analysis projects, a larger number of representatives are surveyed. They are asked a series of closed questions with multiple choice answers, which are analyzed by computer.
For example, if a pharma company is considering launching a new type of OTC drug into the pharmaceutical industry they may ask a substantial number of parents of Doctors and General Practitioners for their opinions on the new product within the framework of pre-written multiple choice responses.
A qualitative market research report asks fewer questions to a significantly smaller number of potential respondents.The questions asked about the product will tend to be open questions that require in-depth thought and a mor detailed understanding before answering.
For a new OTC drug, the respondents to a qualitative research and development study may be asked for their views on the appearance of the packaging, health benefits, potential side effects, testing, or even the cost. A significant amount of valuable information is yielded, helping pharmaceutical industry marketers to change certain aspects of the marketing plan, so that the product launch is deemed successful.
It is important to decide which type of information you require before deciding whether a quantitative approach, or a qualitative approach is the more appropriate route. If, for example, you wish to find out the potential size of the market for your product, a quantitative survey may be the best approach. If, however, you are only at the product development stage and wish to refine your overall marketing approach based on results, a qualitative study is often the best option.
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