Market Research Quantitative – is the process of collecting and analysing numerical data
The easiest way to remember quantitative is to realise that the word quantity is nearly the word quantitative.
QUANTITATIVE = QUANTITY
And to spell either quantitative or qualitative, drop the y in both.
And because we already know what market research is, quantitative market research is:
Collecting information in large quantities which can only be analysed numerically. This quantitative market research might have been found by carrying out primary or secondary market research.
Quantitative research is carried out using surveys, questionnaires and polls, and can be used to answer a wide range of questions about a product, service, or brand.
Some of the characteristics of quantitative market research include:
- Large sample sizes – Quantitative research typically involves surveying a large number of people in order to collect statistically significant data.
- Closed-ended questions - Questions asked to those surveyed have a limited number of possible answers, which makes it easier to collect and analyse the data. This could include yes or no answers and simple multiple choice.
- Statistical analysis – The data collected from quantitative market research is typically analysed numerically using statistical methods. This allows researchers to identify patterns and trends in the data, and to draw conclusions about the population as a whole.
An example of where quantitative market research may be used is if a cosmetics company were launching a line of lipstick. They may conduct a large-scale survey to find out people’s favourite lipstick colours. This is a simple question, so doesn’t require a focus group or in-depth interview.
Other companies have used quantitative questions like:
- “We sell white tee shirts, would you like other colours?”
The answer could be that 70% want more colours.
- “Do you think our product is attractive?”
The answer could be that only 35% rate our product as attractive (Qualitative market research could be used to find out how to make the product more attractive)
- “Are you aware of our product?”
The answer could be that only 10% of our sample knew about your product. (This quantitative research has established that there is a problem with very few customers knowing about your product and a better marketing campaign needs to be established.)