Differences Between Quantitative And Qualitative Market Research Reports

If you are considering carrying out a market research project for your business then one thing is absolutely vital, and that is to fully understand the important differences between quantitative and qualitative market research methodologies.

For quantitative industry analysis projects, a larger number of representatives are surveyed. Potential respondents are asked a series of multiple choice questions, which are then analyzed by computer.

For example, if a pharma company is considering launching a new type of OTC drug into the pharmaceutical industry they may ask a substantial number of parents of Doctors and General Practitioners for their opinions on the new product within the framework of pre-written multiple choice responses.

A qualitative research study asks significantly fewer questions to a much smaller number of potential respondents.However, most questions asked about the product will tend to be more open questions that require some in-depth understanding before being answered.

For a new OTC drug, the respondents to a qualitative research and development study may be asked for their views on the appearance of the packaging, health benefits, potential side effects, testing, or even the cost. A wide range of valuable yet subjective information is gathered, helping pharma industry marketers to change certain aspects of the marketing plan, so that the product launch is as successful as possible.

It is important to decide which type of info you require before deciding whether a quantitative, or qualitative approach is the more appropriate route. If, for example, you wish to find out the potential size of the market for your product, a quantitative survey may be the best approach. However, if you are at the pre-launch or product development stage and wish to refine your marketing approach, a qualitative study is often the preferred option.

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