Market Research Methods

Qualitative Research -  The human touch - interviews, surveys and observation

Quantitative Research - Data - statistics and numbers

Secondary Research - Using existing research

Primary Research - Research you conducted yourself

 

Advantages of qualitative research

• This type of research does not need a strict design plan before it begins
• The researcher gains more detailed and rich data in the form of comprehensive written descriptions or visual evidence, such as photographs
• Looks at context and social meaning and how it affects individuals, which is advantageous particularly in the social sciences

Disadvantages of qualitative research

• This research is heavily involved in the process, which gives the researcher a subjective view of the study and its participants
• The researcher interprets the research according to his or her own biased view, which skews the data gathered
• This research method is very time consuming and can last for months or even years

Advantages of quantitative research

• Quantitative research allows the researcher to measure and analyse data. This is advantageous because the researcher is more objective about the findings of the research
• Can be used to test hypotheses in experiments because of its ability to measure data using statistics

Disadvantages of quantitative research

• The context of the study or experiment is ignored
• Does not study things in a natural setting or discuss the meaning things have for different people as qualitative research does
• A large sample of the population must be studied; the larger the sample of people researched, the more statistically accurate the results will be

Advantages of primary research

• Targeted Issues are addressed
• Data interpretation is better
• Recency of Data - we can use data that is much more useful for us
• Proprietary Issues

Disadvantages of primary research

• High Cost
• Time Consuming
• Inaccurate Feed backs
• Larger number of resources are required

Advantages of secondary research

• Time and Cost effective
• Extensiveness of data
• Basis of Primary Research

Disadvantages of secondary research

• Inaccuracy of data
• Needs to understand various parameters and assumptions that primary research had taken while collected information
  
• Time lag issues
• May not be specific
• Proprietary Issues

I have used mainly secondary data because it was faster to produce, however I think I should also add more primary data because it is more accurate as I have found the research myself.