There are two types of Market Research,
Qualitative and Quantitative. Qualitative Research comprises Focus
groups Individual
/ Paired / Trio depth interviews Accompanied
shopping In
home ethnography studies Main objectives of Qualitative Research
is to gain understanding of Your brand or
property Your consumer
and / or purchaser The
relationship between the two Main use of Qualitative Research is to
identify New product
opportunities in your existing market New markets
for existing products New markets
for new products How to
leverage your competitive strengths to gain market share with existing products
in your existing market Quantitative Research involves
questionnaires which are administered in the street or using a High Street
venue (Hall test) to a large sample (c350-500) in order to provide
statistically valid data Main objectives of Quantitative Research
is to gain competitive knowledge of Brand
Awareness Brand
usage Purchasing
behaviour Concept
testing Product
testing Main uses are to enable you to make
informed decisions based on a statistically valid sample regarding ‘ the 4 P’s’ Product -
which products to launch -
to whom (age , gender, country /
region) -
how product should be positioned
(described) to gain competitive advantage Price -
what price point Place -
which channel eg stores, internet
etc -
which shops Promotion -
promotional and advertising
message to use -
media to select Write your post here. |
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