Welcome to Market Research Guide
Tools Of Market Research Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Quantitative marketing research
from:When research techniques that are quantitative are applied in the marketing field then it is called Quantitative marketing research. The basics of the Quantitative marketing research technique lie both in the view (positivist) of the world, and the marketing viewpoint that is considered modern. It is based on the premise that marketing is where a seller and the buyer reach an agreement through an interactive process based on the marketing "four Ps" which are: Product, Price, Place (location) and Promotion.
Just like any other method of social research, quantitative research also involves constructing questionnaires and devising scales which are used to gauge public sentiment about product or service. People respond to these surveys or the respondents are asked to complete the survey and questionnaire. The results obtained are used by marketers to understand the needs of consumers in the marketplace. They then act upon the feedback to create strategies and marketing plans.
The research process has following five steps:
Definition of the Problem. : In this step a problem statement is made and important aspects of the situation are underlined.
Research Design. At this step, the questionnaire and survey is designed to conduct the research. The methodology is selected and the venue, timing and procedure for the administration of the survey are determined.
Collection of relevant data. At this step an endeavor is made to gather all relevant data from primary and secondary sources. The data can be collected via e-mail, telephone or internet.
Data Analysis. The collected data is analyzed by experts to identify the problems and trends. The findings are compiled in suitable form for better understanding.
Report Writing and presentation: The final step is to present the analyzed data in a form that can be easily comprehended and understood by the managers. The data can be summarized in graphs or flowcharts for comprehensive understanding.
Generally, people who are experts in quantitative research have social science background. They might have their degrees in Psychology, Economics or Sociology. These studies by their academic nature have borrowed techniques from the physical sciences that are designed in order to obtain data for natural and physical objects but these sciences inherently lack the ability to answer questions related to human behaviour, perceptions, future behaviour.
While conducting quantitative research it should be remembered that, it is practically impossible to cover the entire consumer spectrum .Therefore the sample population used for conducting the survey or interview should be carefully chosen so that final result truly represents the problems.
Tools Of Market Research Specific links
Tools Of Market Research News
MicroRNA Research to Trigger Tremendous Growth in Related Tools Market, Says Frost & Sullivan
LONDON, May 23, 2012 /PRNewswire/ -- A number of large pharmaceutical and biotech companies are keen to invest in life science research. Advances in genomic technologies and molecular biology segments ...
Read more...Stem Cell Market & Cord Blood Banking Industry Research Reports at 10% Discount - Limited Period Offer
DALLAS, May 15, 2012 /PRNewswire/ --ReportsnReports.com announces a Flat 10% Discount on ALL market research reports by BioInformant WorldWide, LLC through June 20, 2012. Whether stem cells are to be studied ...
Read more...New Market Research Training Store Offers over 25 Popular Topics in a Variety of Online and On-Site Formats
Research Rockstar celebrates grand opening with the ultimate market research training give away drawing. Enter for a chance to win a year of free market research training.Marlboro, MA (PRWEB) May 23, 2012 Market research training experts Research Rockstar today launched an online market research training store offering a full range of learning options. Classes include 10 Point Checklist for ...
Read more...ARC Releases Unique Hosted Market Research Solution With Rapid Analysis Capabilities
DEDHAM, MA-- - ARC Advisory Group , the leading global research and advisory firm for manufacturing, industry, and infrastructure, announces the release of MIRA . This online, cloud-based, hosted solution ...
Read more...Radius Global Market Research Adds Menu-based Choice Modeling To Augment Quantitative Research Offerings
NEW YORK, May 14, 2012 /PRNewswire/ -- Radius Global Market Research, a leading U.S. based independent market research company, recently announced the introduction of Menu-based Choice Modeling to its ...
Read more...