Quantitative Research

Posted in Marketing and Strategy Terms, Total Reads: 767
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Definition: Quantitative Research

Collection of data to obtain insights into the customer needs and measuring the market is known as Quantitative marketing research. It is numerically oriented, and involves statistical analysis. Quantitative Research is very structured and is used in forecasting. This type of research is best suited for situations when the problem is already known & is incorporated in the research methodology like survey or an interview.


Quantitative Research can be done through:

-          Direct Measurements

-          Interviews (Face to face or telephonic)

-          Market surveys


The collected data is used to measure & analyze the parameters like:

-          Market size

-          Market share

-          Penetration

-          Market growth rate


Advantages of Quantitative Research:

-          Quantitative research yields statistically reliable results and it can consistently determine the best alternative regarding an idea, concept, product etc.

-          The results of a quantitative research done on a sample can be projected proportionately to the entire population.


Example:

Survey based on penetration of a new product in rural markets would include questions like:

Q: What is your age-group? (To measure demographics)

Q: How frequently do you consume the product x?

Q: Rate your interest level in the product from 1 = low to 5 = high

 

Search & Explore : Management Dictionary

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