Market Research Methods

Market research methods need to be chosen carefully, it could be qualitative or quantitative in nature. Descriptive research is a method of data collection used by market researchers across the globe. Descriptive research is a fact-finding investigation with adequate interpretation. It is the simplest type of research. It is more specific than an exploratory study, as it has focus on particular aspects or dimensions of the problem studied. It is designed to gather descriptive information and provides information for formulating more sophisticated studies. Using one or more appropriate methods collects data: observation, interviewing and mail questionnaire. Descriptive research is applicable under four circumstances. Firstly the problem must be describable and not arguable. Secondly the data should be accurate and objective and if possible even quantitative and must be reliable. Thirdly it should be possible to develop valid standards of comparison and lastly it should have verifiable procedure of collection and data analysis. (O.R Krishnaswami) A descriptive study aims at identifying the various characteristics of a community or institutions or problems under study, hypothesis testing cannot be done with descriptive research. However it “can reveal potential relationships between relationships between variables thus setting the stage for more elaborate investigation later.” (O.R Krishnaswami). A descriptive study employs simple statistical techniques like averages and percentages. Survey is a fact-finding study; it is a method of research involving collection of data directly from a population or a sample. It requires expert and imaginative planning, careful analysis and rational interpretation of the findings. Observation, or interviewing or mailing questionnaires may help in collecting data. The analysis of data maybe me made by using simple or complex statistical techniques. The survey method has certain characteristics, it needs to be conducted in natural settings as it is a field study. Responses are acquitted directly from respondents. It can cover a large population thanks to sampling techniques. A survey covers a definite geographical area. A sequence of tasks are involved in carrying out a survey from the first of planning to the final stage of preparing the report: 1. Selection of a problem and its formulation,rn2. Preparation of the research design,rn3. Operationalization of concepts and construction of measuring indexes and scalesrn4. Samplingrn5. Construction of tools for collection of data and their pre-testrn6. Field work and data collectionrn7. Processing of data and tabulationrn8. Analysis of data using statistical toolsrn9. Reporting findings. Many enquiries aim to explain certain phenomena. Their function is to test hypothesis to explain the cause and effect relationship between variables in market research and to assess the influences or various factors on individuals and their attitudes. Market research can understand aspects of human behaviour, social institutions, economic system and business undertakings lend them to surveys. Surveys of opinions and attitudes deal with various issues, such as systems schemes and programmes. In case of surveys in the field of market research, it helps in understanding why individuals use a medium and to what extent and what affects it has on their attitudes or perceptions. Surveys are adopted as a market research method of data collection. Sampling of data in a survey is very important. A survey may cover all the units of a given universe; it is then called census survey. If the survey covers a fraction of the universe, then it is called sample survey. A survey may cover a small, highly selected universe as well as a broad segment or population depending on the study. While selecting descriptive market research method of data collection the above discussed aspects need to be kept in mind. Descriptive answers usually provide a better understanding for the researcher into the topic. Usually descriptive method is used to obtain pilot study data through a pilot study, the market researchers can gain a better insight into the topic, more objective descriptions could be provided, through this method.