o Qualitative market research:
Qualitative research is a type of scientific research. In universal terms, it consists of a study that includes:
· Seeking answers to a question
· Systematic uses a predefined set of procedures to answer the questions
· Collecting evidence
· Producing conclusions that were not resolved in advance
· Producing findings that are valid beyond the quick boundaries of the study
Qualitative research shares these attributes. In addition, it seeks to know a given research problem or topic from the viewpoint of the local population it engages. Qualitative research is especially efficient in obtaining culturally specific information about the opinions, values, behaviors, and social contexts of particular populations.
o Quantitative market research:
Quantitative research is about asking people for their views in a structured way so that you can produce hard facts and statistics to guide you. To obtain reliable statistical results, it is significant to survey people in fairly huge numbers and to ensure they are a representative sample of our target market.
When used along with quantitative methods, qualitative methods can be useful to interpret and better understand the multifaceted reality of a given circumstance and the implications of quantitative information.
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