Market Research MethodsAlthough there are many ways to perform market research, most businesses use one or more of five basic methods: surveys, focus group, personal interviews, observation, and field trials.

Various market research methods are used to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc. The type of data you need and how much money you’re willing to spend will determine which techniques you choose for.

Market research methods are divided into the following categories:

1. Questioning:

  • Qualitative marketing research – used for exploratory purposes. This method gathers non-numerical data from a relatively small number of participants. The data is not analyzed using statistical techniques, but summarized and interpreted by researchers. The most common methods employed in qualitative research are focus group interviews and in-depth interviews.
  • Quantitative marketing research – used to draw conclusions . It covers all projects in which numerical data is either directly aimed for or used in the process of providing final answers. A survey that asks a series of closed questions is a typical and probably most popular quantitative research method.

2. Observation:

  • Ethnographic studies – Examples include product-use analysis and computer cookie traces
  • Experimental techniques – Examples include purchase laboratories and test markets.

Specific market research methods are designed to balance data quality, direct costs, professional fees and timeframe. The methodology should take an approach that is replicable, manageable and as economical as possible given the research objectives.

Market research is an important tool that supports business decision making. Whether you’re deciding to expand internationally or create a new product, let Roe Smithson & Asociados Ltda help you gather the data you need to make your next business be a success.

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