Oftentimes, a market researcher will use a two-phased approach that includes bot

Question

Oftentimes, a market researcher will use a two-phased approach that includes both qualitative and quantitative research methods. This allows the researcher to do a “deep dive” into people’s impressions and emotions about a product or service, as well as capture data from a large population that can demonstrate the prevalence of these impressions or emotions. Pick a company of your choice. Imagine the company is going to launch a new product. Please post the name of your chosen company and the product it will, theoretically, develop. Describe a two-stage research approach using both quantitative and qualitative research methods that you would implement to help your company with developing the new product. For example, would you use a focus group to identify key characteristics and follow up with an online survey to evaluate these characteristics? Discuss why you chose the research approach you did and identify how this approach will help with your company’s product development.

Explanation / Answer

Quantitative and qualitative research techniques have their own advantages and disadvantages. Quantitative research is more about discovering facts about a social phenomena. Qualitative research is more about understanding the human behaviour from an informants perspective.

We can take an example of a company which plans to introduce a new health drink in the market. The company began with analysing the secondary data available in the market to arrive at a product segment choice of health drinks. The company was able to conclude that people have a general liking towards health drink rather than non health related soft drinks. There after, the company conducted several surveys online and offline to conclude that the audience would be more interested towards energy drinks.

However, it was unable to understand the reason of choice. Therefore the company decided to conduct interviews and form focus groups to get an exhaustive qualitative research data. This involved multiple participants discussing the issue more closely. The company was able to analyse the data set and understand the logic of choice for energy drinks. With target audience would in general be young to mid aged people who are more interested in fitness regime. They wanted and energy drink which would help them with their gym related fitness activities. In follow focus groups, the company was able to understand the rationale around consuming certain beverages along with the activities and situations.

Therefore the company was able to use a combination of qualitative and quantitative research to understand the target audience, the features expected from the product, expected price point and an outline of promotions needed for product launch and marketing.

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