Both types of research are necessary to gain a complete understanding of the market and to make informed decisions about product development, marketing strategy, and other key areas.
But how do you decide on one methodology or another? Is one way better than another?
Everything will depend on what you are looking for and the objectives set.
In any case, we can tell you in advance that the winning combination may be to use both qualitative and quantitative approaches. In this article we will explain the keys to this.
Quantitative research. Quantitative market studies
Quantitative research focuses on collecting gambling data malaysia phone number numerical and statistical data through surveys, online polls, and standardized interviews . This data is used to analyze patterns and trends in market behavior. It is useful in gaining an overview of a particular market and in understanding the size and structure of a market .
Qualitative research. Qualitative market studies
Qualitative research , on the other hand, focuses on collecting qualitative data through non-standardized interviews, focus groups, and observation . This data is used to gain a deeper understanding of consumers' motivations, opinions, and attitudes. Qualitative research is useful in understanding the reasons behind purchasing decisions and in developing a more effective marketing strategy .
Both types of research are necessary to obtain a complete overview of the market being analyzed and to obtain information and data to make decisions in key areas, such as marketing, development and improvement of products and services, etc.
Combining quantitative and qualitative research
Qualitative research is primarily exploratory in nature and helps in better understanding the needs and motivations, processes and rationale behind behaviors . It provides in-depth insights into a situation and helps in forming ideas or hypotheses for possible quantitative research.
In the case of quantitative research, it focuses more on numbers and can help in evaluating the hypotheses that have emerged in qualitative research . Adding the quantitative aspect in a qualitative research will certainly provide a quantifiable dimension on the research topic.
Qualitative research can also make a positive contribution to quantitative research . Qualitative research will help to understand the reasons behind the customer's consideration process, their whys, what they think, and to understand the context in which different behaviors occur.
As you can see, the combination of both makes market research able to provide valuable information for decision-making.
