Principles of Quantitative Marketing Research
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Quantitative Market Research is a technique to ask questions to the target audience in an organized manner using surveys, polls or questionnaires. Received responses can be analyzed to make well-thought decisions for improving products and services, which will in turn help increase respondent satisfaction levels. Well-founded results can be achieved in case a large sample size that represents a population is surveyed. The age of Information has transformed both selling as well as purchasing habits and norms. “Information” or “data” is now more valuable than gold. Companies rise and fall on the basis of how well they are able to collect and analyze data and make informed decisions based on the gathered insights.
Type of Quantitative Marketing Research Quantitative market research can be segregate into two main types Primary quantitative market research
Secondary quantitative market research Primary quantitative market research: Primary techniques are the most common forms of conducting quantitative market research. Hence, it is widely used and known form than secondary techniques. Primary quantitative research can be conducted by adopting several methods namely, taking surveys, cross sectional research survey, longitudinal research survey, one-one-one interviews, face to face interviews, online or telephonic interviews and computer assisted personal interview. Secondary quantitative market research: Secondary techniques to conduct quantitative market research are a means to validating a hypothesis or drawing conclusions from empirical data and primary data.
Principles of Quantitative Marketing Research The basic principles of quantitative market research are The premise that quantitative market research operates on is to confirm the hypothesis of the phenomena of how many. The data collection method should always be conducted keeping in mind that the data is going to use in further analysis with statistical tools, so preferably data should be in numeric form, so that latter they can easily be quantified. The mode of data collection should be structured and should be a mix of questionnaires, surveys etcetera. The research study is designed in a way that the questions are structured and the possible responses to these questions are also structured. This is laid out well in advance before the study. The questions are not open ended. Hence, they point towards certain answers so the scope for uncertainty is limited.
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