In a world of rapidly evolving trends, technological innovations and migrating cultures, it is impossible to make successful marketing decisions while bypassing marketing research. Not only is it important to know what the market is like but also to create a future projection based on the facts deducted from the research. Already, the changes are so much in place that marketers face the challenge whether the market portfolio will remain stable until the time the product is launched, leave aside the idea of ignoring marketing research all together. Many established companies have witnessed product failures when they ignored marketing research.
However, based on the needs of the company, the budget and the nature of the product or service, the company can choose from a wide variety of research methodologies that will serve the purpose. But, at no cost, should they totally ignore marketing research from its new product strategy.
I'm reproducing below a chart categorizing different research methodologies that can be used by a company to conduct an effective research and how they produce quantitative or qualitative results.
Qualitative Quantitative
1. Philosophy: Phenomenology Positivism
2. Goal: Understand, meaning Prediction, test hypothesis
3. Focus Quality( features) Quantity(how much, numbers)
4. Method: Ethnography/Action research Experiments/Correlation
5. Data collection: Interviews, observation, Sampling, Checking documents, artefacts
6. Research Design: Flexible, emerging Structured, predetermined
7.Sample Small, purposeful Large, random, representational
8. Generalization Unique case selection Generalisation
9. Analysis Inductive (by the researcher) Deductive (by statistical methods)
10.Role of Researcher Immersed Detached
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