Qualitative methodology focuses on "quality" a term referring to the essence or ambience of something. Qualitative methods are used to understand complex social phenomena. They are suitable to seek knowledge about the fundamental characteristics of a phenomenon under study. It includes focus group among small group through exploratory or explanatory study and gathers information. It tries to understand and answers how and why through discussion and in-depth face-to-face, telephone or online interviews.
Quantitative research is gathering data in quantity. The goal of the quantitative research approach is to find out the truth by using statistical procedure. Quantitative methodology allows readers to understand facts easily by looking at charts and graphs. The use of statistics reduces contradictions, which may exist in research.
Market Research helps in creating better communication with current and potential customers. A good research enables a company to tailor effective and target marketing through various marketing campaigns towards its desired segment. It allows a firm to directly interact with its current and potential customers to understand their needs.
Market research helps the businesses to identify potential opportunities, for example before opening a retail outlet or restaurant, the location is very important, especially if there is no competitor in that area. This would be called identifying opportunity. Another example can be offering a service in a location which need such service, such as Amazon, identified an opportunity of online booking selling and in no time, it became successful due to niche in the market..
Minimizing the Risk
Market research gives greater confidence in starting a venture as extensive research shows the potential risk and benefits of starting up a business. Even if there is potential opportunity, a good prior research about the product is essential among the potential customers to know the true value of the product. One such kind of example is the launch of famous Viagra, the company identified the opportunity, but for any drug there is a lengthy trial period to know the drug side effects. The company did enough homework and it is no surprise that Viagra is the biggest success in the pharmaceutical industry history.
Detecting a Problem at an Early Stage
Market research enables the firms to uncover the