BLOG DETAIL |

Market Research Methodologies Followed Globally

Market Research Methodologies Followed Globally

Market Research (or sometimes known as consumer research), is an organized effort to collect information about any specific target market or audience. Market Research is very crucial part of any organization which plays a vital role in taking major management decisions. Market Research is necessary in case company wants to set up new business unit in any country, need feedback from the consumers regarding any particular goods or services, new product launch, and the list goes on.

We don’t think that any business would take any major management decision without doing a market research for the same. Market Research can comprise of consumer research, surveys, data collection, etc. which will eventually been analyzed to get valuable insights. This helps companies make decisions after going through the insights from the research.

Being in the research industry, we have served companies around the globe and provided them the research insights from the targeted audience or market.

Today we are going to list down the market research methodologies which is been followed by research companies globally:

1.      Quantitative Research

Quantitative research is a methodology which emphasizes objective measurement, statistical, mathematical, and numerical analysis of data which is gathered through surveys, polls, and questionnaire or by fetching the critical information by manipulating existing statistical data.

There are various techniques of performing quantitative research like:

·         In-Depth Interviews

·         Focus Groups

·         Observation

·         Ethnography

·         Projective Techniques

·         Case Studies

·         Action Research

·         Grounded Theory

 

2.      Qualitative Research

Qualitative research is a methodology which emphasizes on trends in thoughts and opinions and provides quality information by diving deeper into the target market or audience. Qualitative data collection methods may include structured or semi-structured techniques. Quantitative Research can be performed using various techniques like:

·         In-Depth Interviews

·         Focus Groups

·         Observation

·         Ethnography

·         Projective Techniques

·         Case Studies

·         Action Research

·         Grounded Theory

 

3.      Online Research

Online Research is a methodology in which researchers perform data collection over the internet. In online research, responses are validated and authenticated through a multi quality check process like time spent on the survey, straight-liners and trap questions. The responses from the online research are validated through location verification and asking duplicate questions to check the consistency of the responses. Some of the online research methods are:

·         Cyber-ethnography

·         Online content analysis

·         Online focus groups

·         Online interviews

·         Online qualitative research

·         Online questionnaires

·         Social network analysis

·         Web-based experiments

·         Online clinical trials

 

4.      Research Support & Services

Research support & services may include survey programming, survey data processing, survey analysis, open end coding and report writing & presentation. Research support is availed by companies who want to outsource some of their services. The research support team needs to carefully review, prepare and deliver the research data with accuracy and precision. Some of the services provided in research support are:

·         Survey Programming

·         Survey Hosting

·         Data Processing & Cross Tabulation

·         Research Data Analysis

·         Report Writing

·         Presentation

Market research is the major component of every business or company which allows them to understand a specific market or target audience resulting in ease of decision making.

That’s it in today’s discussion on Market Research Methodologies followed globally.

The facts and information furnished above are correct as per our research. We always welcome comments and suggestions from the fellow readers.

Keeping tuning to our blog and we will be back with some more research blogs.

 

Got a challenge for us?

Unimrkt Health would be glad to assist you