Find your service & Customer Experience strengths and weaknesses. Find

Find out and solve your company's User Experience issues. Find and Solve

Article Image
January 2020
5 Min read
191 Views

Quantitative Market Research

Iren

Quantitative Market Research 2 votes

For conducting marketing research specialists usually use qualitative and quantitative research methods. Quantitative research (QR) is indispensable in marketing, primarily because it makes it possible to obtain the most accurate data — quantitative studies aim at obtaining numerical information

Quantitative Investigation Objectives

The main merit of QR is that it reduce the risk of making wrong decisions and choosing inaccurate planning parameters. Quantitative study is the most appropriate way to numerically evaluate:

  • market capacity and patterns of supply and demand;
  • sales volumes of market operators;
  • product development prospects;
  • the effectiveness of various companies’ activities to support and promote the product;
  • development direction of product portfolio and its individual components;
  • effectiveness of advertising activities;
  • distribution network performance;
  • consumer reactions to possible marketing actions of the supplier.

Tasks solved by quantitative research survey

  • Assessment of potential and real market volume and its capacity in physical and monetary terms.
  • Percentage distribution of market shares among major competitors.
  • Identification of major consumer segments.
  • Determination of consumer readiness for product acquisition, prospects and trends of product presence on the market.
  • Definition of Consumer Profile based on socio-demographic, psychological characteristics.
  • Measure using a number of set parameters, characterizing consumers attitude to the product.
  • Planning a re-purchase system among those who have tried a new product or service.
  • Determining the best packaging for the Product.
  • Determining the optimal price of a product or service.
  • Identifying Empty Niches.
  • Conformity assessment of an existing product to market requirements.
  • Evaluation of the advertising campaign effectiveness and other communication channels.
  • Assessment of level of sales of goods or services.
  • Evaluation of products presence in retail network.

Types of Quantitative Research Methods

There are three ways to implement a quantitative study: physiological calculation, observation, and interrogation analysis.

Quantitative market research methods are identified with surveys which are closed structured questions, that are answered by a large number of respondents. Quantitative methods answer questions: “How much? ”, “Who? ” and “How? ”.

Marketing specialists distinguish several types of quantitative studies that allow collecting primary information of various formats:

  • personal survey/ face-to-face (involves sounding out respondent’s opinion on a certain range of questions included in a questionnaire, by personal or indirect contact of interviewer with respondent):
  • street interview;
  • interviews at places of purchase;
  • housing interview;
  • telephone survey (one of the most expeditious and inexpensive polling methods, which allows finding out the opinions of various population groups on almost any issues);
  • post survey (mailing profiles and receiving answers by mail);
  • product testing:
  • in-hall tests (several representatives of target audience can evaluate the product and all its components — packaging, the product itself or, for example, its advertising; this method allows finding out consumers’ attitude to the product);
  • home tests (involve evaluating products that are just preparing to enter the market, which allows identifying and correcting any errors and shortcomings beforehand);
  • audit of goods/ retail audit (includes analysis of assortment, prices, distribution, advertising materials at retail points for the studied product group);
  • monitoring (data collection and processing, used to improve decision-making process, or monitoring state-of-market for its assessment and study);
  • registration of prices and assortment (may be included in monitoring);
  • consumer panels (studying family’s consumer behaviour).

Our Commitment

Quantitative research studies are supposed being carried out by specialists, as far as they need rigorous mathematical methods for analyzing the data received. The choice of method depends on the client’s goals and objectives.

Do not hesitate to contact us, and Scheduling Worldwide marketing professionals will offer the most optimal option for solving your problems.

PDF
6 Things You Didn’t Know About Your Employees

PDFLeave your e-mail for get PDF