Advantages and disadvantages of market research

Marketing Fundamentals
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Marketing Fundamentals
Question 1: Discuss the advantages and disadvantages of quantitative and qualitative market research
Quantitative market research
The advantages of quantitative market research mainly lie in its scientific experimental methods that enable the results to be tested and checked. The methodology used in this type of research enables other parties to replicate it correctly and find similar results (Barnham, 2015). Therefore, results obtained from this type of research become reliable since they are backed with numbers less prone to bias. Besides that, quantitative research further provides a basis for the use of advanced statistical packages to interpret the results, thus providing valuable insights into the market. Therefore, evolving technology has made it possible to use computer modeling and data science to make critical business decisions based on the collected information.
However, on the other hand, the disadvantage of this type of market research is the difficulty and complexity of setting up the right research model. Such scientific research requires a hypothesis and model to appropriately collect relevant information to reduce bias (Barnham, 2015). Therefore, this process can be challenging and time-consuming for the organization. Furthermore, the extensive focus on mathematical figures and numbers may be misleading to interpretation. A focus on the numbers may take away the underlying relationships and information that may be beneficial for the organization in the long run.
Qualitative market research
In this type of research, a significant benefit is the flexibility involved in the data collection process. Researchers can adapt the questions or setting to improve the responses provided by respondents, thus enabling the collection of insightful results (Barnham, 2015). Apart from that, sample sizes, in this case, do not require to be too large, and data collection can be centralized as in the case of focus groups. This makes it easier for the data collection process making it efficient and time-saving while at the same time reducing the costs required for extensive traveling. This further allows the researcher to capture the respondents' feelings and attitudes regarding a product or service that would be impossible using quantitative methods. Such information provides valid data that may not be mathematically quantified, thus improving the overall data quality.
On the other hand, qualitative market research has a high risk of bias since respondents are not chosen using scientific methods in most cases (Barnham, 2015). Furthermore, the setting of the research may also influence the results since the researcher is present. This makes it impossible to generalize the results of the research to the whole market since the sample's views do not generally represent those of the entire population. Apart from that, analysis of captured results from qualitative data is difficult and cumbersome to analyze due to the subjectivity of both responses and interpretations. Thus, the researcher has to be highly skilled and knowledgeable in the market to differentiate between valid and invalid responses.
Question 2: Using examples, discuss ...