Thursday, March 6, 2014

86- Advantages of The Qualitative Market Research

Advantages of The Qualitative Market Research

Advantages of The Qualitative Market Research

The theory of the qualitative market research is based on scientific methods. The research is the overall analysis of the scientific investigation that consists of certain characteristics that helps to find answers to the questions by a collection of the evidences involved in the entire procedure. It is one of the most effective way to obtain information on the cultural values, behaviors, opinions and social ambiance of the specific population.

Market research is the basis for the product dealers to learn about the strength of the business. A good investigation provide answers to many business related questions and helps to understand the behavior of the customers. Qualitative method is considered to be a flexible medium for conducting the study. As the relationship between the participant and the researcher is less formal in this method, the possibilities of deriving the real results get even higher.

The qualitative analysis includes the observation of the participants, focus group surveys, in-depth interviews, ethnography for obtaining a particular data. The qualitative methodology has some advantages that makes it a desired research strategy for most of the business houses.

Advantages of Qualitative Market Research

• The greatest benefit is that the research can be completed faster as compared to the quantitative methodology as it requires fewer participants to gather specific data on the product. Even the techniques involved in the process make use of the friendly methods to proceed with the study.

• The use of the open-ended questions offers a liberty to the participants to answer the question asked by the researcher in their own words. The freedom of speech is one of the biggest factors to encourage people to be a part of the qualitative research. Open-ended can derive responses that are meaningful and are in the favor of the cultural background of the participant.

• Any qualitative marketing research company generally offers a monetary incentive to the people to be a part of their study. It attracts higher number of the people in the process of the study.

• It allows the researchers with the freedom to explore responses to the questions like how to or why. The researchers can understand the reason for the decrease or increase in the demand of the product and why any particular customer switched to a different brand. It helps to find the solutions for the underlying problems that restricts the growth of the business.

• The interaction between the participants and the researchers uncover the new issues related to the growth of the business and the ways to solve them.

Qualitative data collection proves as a powerful marketing research tool and offer wider prospectives to the businessmen to connect to the target audience by keeping in mind their tastes and preferences.

The need for the researcher to listen to the suggestions and responses to the clients so that they can connect themselves to the target audience, and understand the requirement of the different personalities, age groups and their styles and use improved techniques to elaborate on the underlying issues and find a feasible solution for the same.

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