AMM U2DB

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Qualitative and Quantitative Market Research
Introduction
Qualitative market research involves various approaches that are useful in obtaining exploratory work, and it uses structured or unstructured techniques. It is the best method to use to learn what is in the consumer’s mind. The approaches involved in the qualitative research include focus groups and in-depth interviews. However, quantitative market research consists of the use of structured techniques such as consumer’s questionnaires and sample surveys. Due to the existing competitive space in the world extending the line of the products and obtaining new consumer segments can only be supported by conducting extensive research and analysis (Editorial Board 4). Therefore, the purpose of this memo is to describe quantitative and qualitative market research, their advantages, and how they can be used to market your new MM products.
Qualitative research is a powerful tool in marketing as it provides insightful, detailed, and more descriptive information other than predictive and statistical data. The primary goal of this market research tool is to identify the consumer behaviors by getting to the root of their emotions, which drive them into buying various products and their motivation. The use of focus group, in-depth interviews helps the researcher create a rapport with the participants and encourage them to share their true feelings and stories using open-ended questions (“Learning From Experience: Aiming At The Right Target” 2).

Additionally, one learns what the influence of packaging, design, and branding to consumer behaviors is. The best part about using qualitative is that one obtains immediate and first-hand feedback from the respondents through observation. Thus, the researcher can quickly learn what marketing messages will have a positive impact to the customers, how their decisions are affected by the pricing of the products, and what the demand for the product to be introduced is. In addition to this, qualitative market research is essential in the early development process as one gets the reactions of the targeted market to marketing stimuli (Babin and William 5). Thus, this research method is useful in obtaining communication clarity, consumer acceptance, and brand perception during the introduction stage.
On the other hand, quantitative market research is useful in obtaining the final evaluation of the marketing stimuli. When conducting quantitative analysis, it is advisable to use a large sample to ensure that the target market is well represented. This also increases the reliability of the statistical findings. With a large sample, it is possible to have various analytical-segments to study. Sample surveys are the primary approach to quantitative market research. It provides the researcher with the market picture regarding brand perceptions, purchase behaviors, and attitude (“Lessons From Experience: Tracking The Skippers” 2). The results are represented in tabular forms, figures, and graphs showing percentage showing the number of respondents in each question.
Consequently, quantitative market research helps the research to know whether there are market and awareness for the new products. One also learns about the number of interested consumers, their buying habits, and how the need for the target market change. Thus, this research addresses the questions of where, how many, when, who, and how often giving numerical results to them. It is also possible to conduct a sales and revenue forecast using the pricing information, rates, and preferences as revealed by the target market during the survey (Editorial Board 4).
Conclusively, both quantitative and qualitative market research plays a significant role in identifying the target market. Thus, it is crucial to conduct both research methods to get detailed information regarding the opinion of the target market of the new product. Quantitative market research gives accurate figures, and it will help in calculating the risks and benefits of introducing the new product. Qualitative market research helps in enhancing customer satisfaction and learning the competition within the market.

Works Cited
Editorial Board. Marketing Management. Schaumburg, IL: Words of Wisdom, LLC, 2014.
Babin, Barry J., and William G. Zikmund. Exploring marketing research. Cengage Learning, 2015.
“Lessons From Experience: Tracking The Skippers.” Coursebuildercontent.careeredonline.com. N.p., 2018. Web.
“Learning From Experience: Aiming At The Right Target.” Coursebuildercontent.careeredonline.com. N.p., 2018. Web.