What is the essence of conducting market research?
In most cases, we find ourselves relying on our intuitions or common sense to make business decisions. However, for businesses that depend on large financial resources with a high likelihood of failure project failure, then market research would come in handy. Market research is basically conducted to reduce risks.
What type of information can I obtain from market research?
We all operate in diverse sectors. Whether your business operates in chemicals, metals, healthcare, education, food & drink, energy & utilities, retail & consumer, sports, telecommunication, marketing, media & advertising, and others, the type of information depends on the problem you want to solve.
The following table provides some of the information you might need for your market research
| Need | Nature of Information | Applicable methods |
| Crisis management | Feelings, ratings, and attitudes | The survey, focus group |
| Satisfaction | Ratings | Face-to-face/survey/internet/mail |
| A/B testing | Preferences, attitudes | Focus groups, surveys |
| Usability testing | Attitudes, likelihood | |
| Attitude/ use | Attitude, awareness, and frequency | Focus groups, surveys, and face-to-face |
| M & E | Ratings, attitudes | Survey, face-to-face/internet/mail |
| Training Needs | Needs, ratings, preferences | Survey, face-to-face/internet/mail |
| Segmentation | Needs, behavioural, psychographic, firmographic, demographic | Cluster analysis, surveys |
Is there a difference between quantitative and qualitative research?
Is there a better data collection method?
| Method | Advantages | Disadvantages |
| Face-to-face Interviews | Better explanations, high accuracy, better for product placement, depth | Costly, organizational complex, time, control difficulty |
| Telephone Interviews | Low cost, high speed | No visuals, no contact |
| Self-completion Interviews | Audience motivation, high response rate | |
| Online Surveys | Improved accuracy, saves, time |
What is CATI?
The use of the telephone to collect data through telephone interviews
What is the in-depth interview?
It is unstructured interviews that allow interviewees the freedom to explore additional information and changes in the direction of the interview. It is a qualitative data collection approach that allows the collection of descriptive and rich data around information such as perceptions, attitudes, and behaviors. You can adopt this as a standalone or integrate it with another method.
What is a focus group?
Collection of data by interacting with group members. Members are carefully selected to participate in discussion of issues. Used to answer questions on how, what, and why to provide processes, attitudes, and behavior.
What is a semi-structured survey?
Collection of both quantitative and qualitative data. Useful in either industrial or B2B market research. Allows comparison of responses, is flexible, asks follow-up questions, and allows respondents the opportunity to expound on a topic.
What is the appropriate response rate?
The proportion of respondents that get an invitation to participate in a survey and accept to go ahead with the survey. Varies depending on market research.
How can I use attitudinal segmentation?
Grouping of customers based on attitude – feelings, thoughts. Helps design messages that suit the target market. Used when a client wants to create products, services, and communication to appeal to a specific audience. It is useful for segmenting customers.