In this glossary, the most important market research terms from this database and the textbooks are simply explained
Qualitative market research
Qualitative market research is a method that aims to gain deeper insights into the behavior and attitudes of consumers and potential customers. Unlike quantitative market research, which focuses on the measurement of numerical data, qualitative market research refers to the collection of opinions, experiences and emotions through direct interaction with participants. There are several methods of qualitative market research, including focus groups, in-depth interviews, observations, and ethnographic research. Qualitative market research is particularly useful for gaining deeper insights into customer behaviors and motivations that cannot be captured by numerical data alone. Through the use of open-ended questions and open communication, researchers can develop a better understanding of customers’ perspectives and needs. Compared to quantitative market research, qualitative market research has the advantage of being more flexible and adaptable, allowing for a greater level of depth and detail. In simple terms, quantitative market research measures the status quo, while qualitative market research sheds light on the background, i.e. provides answers to the why. However, the results of qualitative market research can be more difficult to generalize, so it often makes sense to combine qualitative and quantitative methods to get a more complete picture of customer needs and perspectives.
Quantitative market research
Quantitative market research is usually based on standardized and uniformly structured questionnaires that are answered by a large number of research participants. The data obtained from surveys is then evaluated in statistical analyses to draw conclusions about the market needs of different target groups, customer satisfaction, the market position of companies or other aspects of the market. In contrast to qualitative market research, which uses open-ended questions and free-form discussions to gain in-depth insights into consumer behavior and attitudes, quantitative market research focuses on standardized and structured questions and the quantification of results. Put simply, quantitative market research measures the status quo, while qualitative market research sheds light on the background, i.e. provides answers to the why. In summary, quantitative market research is a valuable method for collecting and analyzing objective data and facts about the market. Compared to qualitative market research, it is more suitable for making representative statements about groups and enables statistical analysis of correlations between different variables.