Quantitative market research is a type of research that involves collecting and analyzing numerical data to understand consumer behavior and preferences. This type of research uses statistical analysis and mathematical models to draw insights from the data.
Quantitative market research can be conducted through a variety of methods, including:
Surveys: A survey is a questionnaire that is administered to a large number of people to collect their responses. Surveys can be conducted online, by mail, or in person.
Experiments: Experiments involve manipulating one or more variables to observe the impact on consumer behavior. The results of the experiment can be used to draw conclusions about the impact of the variable(s) on consumer behavior.
Observational studies: Observational studies involve observing consumer behavior in a natural environment. This type of research can be used to understand consumer behavior without the influence of researcher intervention.
Secondary data analysis: Secondary data analysis involves analyzing existing data, such as sales data or social media data, to draw insights about consumer behavior.
Quantitative market research is useful for measuring consumer behavior and preferences on a large scale, and for identifying trends and patterns in the data. However, it may not provide as much depth of understanding as qualitative research. Additionally, quantitative research requires a large sample size to achieve statistically significant results.