Analyzing market reserach

ANALYZING OUR MARKET RESEARCH


Qualitative research gathers information that is not in numerical form. For example, diary accounts, open-ended questionnaires, unstructured interviews and unstructured observations. Qualitative data is typically descriptive data and as such is harder to analyze than quantitative data.

Quantitative research gathers data in numerical form which can be put into categories, or in rank order, or measured in units of measurement. This type of data can be used to construct graphs and tables of raw data.

Primary research is new research, carried out to answer specific issues or questions. It can involve questionnaires, surveys or interviews with individuals or small groups.

Secondary research makes use of information previously researched for other purposes and publicly available. This is also known as 'desk research'. Secondary research includes published research reports in a library, surveys or the Internet. It can also include scientific reports produced by medical councils, universities or government.

Primary research:

Advantages-

1)       Targeted Issues are addressed. The organization asking for the research has the complete control on the process and the research is streamlines as far as its objectives and scope is concerned. Researching company can be asked to concentrate their efforts to find data regarding specific market rather than concentration on mass market.

2) Data interpretation is better. The collected data can be examined and interpreted by the marketers depending on their needs rather than relying on the interpretation made by collectors of secondary data.

3) Recency of Data. Usually secondary data is not so recent and it may not be specific to the place or situation marketer is targeting.

4) Proprietary Issues. Collector of primary data is the owner of that information and he isn’t obliged to share it with others. This gives an edge over competitors replying on secondary data.

Disadvantages-

1)       High Cost. Collecting data using primary research is a costly proposition as marketer has to be involved throughout and has to design everything.

2) Time Consuming. Time required to do research accurately is very long as compared to secondary data, which can be collected in much lesser time duration.

4) More number of resources are required. Leaving aside cost and time, other resources like human resources and materials too are needed in larger quantity to do surveys and data collection.

Secondary research: Advantages-
1)     Ease of Access
There are many advantages to using secondary research. This includes the relative ease of access to many sources of secondary data.

2)    Low Cost to Acquire
The use of secondary data has allowed researchers access to valuable information for little or no cost to acquire.

3)    Clarification of Research Question
The use of secondary research may help the researcher to clarify the research question. Secondary research is often used prior to primary research to help clarify the research focus.

Disadvantages-

1)     Quality of Research: There are some disadvantages to using secondary research. The originators of the primary research are largely self-governed and controlled by the marketer.

2)    Incomplete Information
In many cases, researchers find information that appears valuable and promising.

3)     Not Timely
When using secondary research, one must exercise caution when using dated information from the past.