Blogging Sunday
Quantitative data is represented numerically. Data which is produced by closed questions like: Are you male or female? It can be used to produce predictions and spot patterns and understand different markets. This is advantageous when your target market is made up of large numbers.
Qualitative data on the other hand is produced by open ended questions like: What word first comes to your mind after looking at this picture? It is time consuming to analyse and producing patterns becomes impossible but it can help understand the market better when your target market is fairly small. This can be used by businesses which deal in niche markets like bespoke super cars and private business jet.
Primary research is derived from means like questionnaires. This can be advantageous to businesses which try to create new markets as data from previous businesses in the industry isn't available. It is also provides you with data which is more relevant to you as the questions are tailored to your unique circumstances. Unfortunately, it is costly and slow and excludes a large part of your target audience who don’t want to waste their time filling out their survey.
Secondary research can be acquired by simply researching on the internet previously carried out research. It is cheap and quick but the the data available may not necessarily be relevant to you and is useless when trying to create a new market. You are also not aware of how poorly or well the research was carried out and other little details.
Quantitative data is represented numerically. Data which is produced by closed questions like: Are you male or female? It can be used to produce predictions and spot patterns and understand different markets. This is advantageous when your target market is made up of large numbers.
Qualitative data on the other hand is produced by open ended questions like: What word first comes to your mind after looking at this picture? It is time consuming to analyse and producing patterns becomes impossible but it can help understand the market better when your target market is fairly small. This can be used by businesses which deal in niche markets like bespoke super cars and private business jet.
Primary research is derived from means like questionnaires. This can be advantageous to businesses which try to create new markets as data from previous businesses in the industry isn't available. It is also provides you with data which is more relevant to you as the questions are tailored to your unique circumstances. Unfortunately, it is costly and slow and excludes a large part of your target audience who don’t want to waste their time filling out their survey.
Secondary research can be acquired by simply researching on the internet previously carried out research. It is cheap and quick but the the data available may not necessarily be relevant to you and is useless when trying to create a new market. You are also not aware of how poorly or well the research was carried out and other little details.
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