Conducting Market Research

Introduction

Market research can be divided into two broad classes depending on several factors, including the questions asked by business managers, budget, and the sophistication of the analysts. These two classes are qualitative research and quantitative research.

Qualitative Market Research

Qualitative market research includes:
  • focus groups;
  • one-on-one personal interviews;
  • management judgment;
  • expert opinion.
A chief tenet of statistics is that you should have a sufficiently large sample size to be able to make valid inferences about population parameters. Even if some numbers are collected during the interview process, most sample sizes for qualitative research are too small to make ...

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