Fundamentals of Market Research Qualitative
Welcome to this course?s first module, ?Fundamentals of Market Research and Qualitative Research?! this article is all about utilising market research to generate the relevant findings that will help your product or service, to make strategic decisions to develop your product or create an effective communication plan, to boost your sales etc. It is needed to keep your organisation up to date with the latest market trends and gain an edge over your competitors in the market.
The previous course covered Marketing, Sales and Consumers? buying behaviour. We followed the story of Pooja, Sanjeev and Kartik ? all of them distinct consumer profiles for which you need to create a strong positioning and a tailor-made sales pitch, using the AIDA concept. But how do you get to know your consumers in the depth that you need? How do you actually generate findings, and how do you gather information to make conclusions? This is what this course is all about ? gathering and analysing data; in academic terms, we call it ?Market Research?.
As a manager, you need to be aware of the potential of market research and execute the process on behalf of your organisation. The research will be conducted by an external market research agency in most cases or an internal team (if the organisation decides so). To commission, execute and evaluate the research, you must be thorough with concepts such as market problem, research brief, research design, qualitative research, quantitative research, sampling, data collection, data analysis and reporting, etc. This is what you will be learning in this module.
In the next module, you will learn about quantitative market research and the various processes surrounding it in detail. Furthermore, there will be a case study that will demonstrate all the key concepts in this course.
In this introductory session, you will mainly learn three things:
Market research would give your business or organisation the advantage of making informed decisions by providing insights into various aspects of your product or service. In this video, you will learn what market research is and why it?s important in detail.
Market research is a tool used by brands to gain insights into some crucial attributes of their markets, such as market segments, consumer attitude, competitors? behaviours, strategies to acquire potential consumers, the changing needs of the market, evaluation of the best pricing, communication and promotional strategies, etc. It helps identify opportunities and problems and in addressing and resolving them by implementing marketing techniques. This continuous effort by an organisation to understand the entire ecosystem of a market, comprising consumers, competitors, advanced technologies, government policies, and changing behaviours of social, cultural, and economic aspects, is carried out using market research.
the kind of insights that market research can provide and how these insights can positively impact the decisions made by an organisation. Both the organisations ? LG and Maggi ? used the insights from market research to ?
You were also introduced to the market research life cycle. It consists of four steps:
You will learn about each of these steps in detail in the upcoming segments and sessions.
What are the other findings that LG and Maggi generated through market research?
The first stage of a market research life cycle is hypothesis formulation and research brief. In this segment, you will learn how to arrive at a hypothesis.
To derive a hypothesis, you need a market research problem or objective. To arrive at a market research problem or objective, you need a market or business problem. In this video, you will learn how to formulate a hypothesis.
A market or business problem is any problem that is related to the market, product, or service offered by your organisation. It may include a dip in sales, bad user feedback from consumers, or similar problems.
A market research problem refers to the topic that has been selected to be studied based on the market problem.
To solve a market research problem, a researcher constructs a hypothesis. A hypothesis is a prediction that you create before conducting marketing research.
A hypothesis should contain the following elements:
You learnt how OnePlus formulated its hypothesis using the research problem. Let?s revisit the table you saw in the video:
|Market Problem||Market Research Problem|
|Now that we have identified a problem in the market, do we introduce OnePlus phones?||To determine smartphone consumers? preferences and acceptance of OnePlus|
|Should OnePlus change the target market it identified?||To determine the business potential in the identified target market|
|Should OnePlus decrease the price of its product in India?||To determine the impact of sales and profit of OnePlus in India at various price points|
|Should OnePlus target only online sales?||To determine the potential of the e-commerce segment for OnePlus and the cost per acquisition through online and offline sales|
Let?s take another research problem and convert it into a hypothesis ?
To determine smartphone consumers? preferences and acceptance of OnePlus.
Using these three elements necessary for hypothesis formulation, you can derive the following hypothesis:
Consumers will prefer smartphones with advanced photography options like that of DSLR cameras since there are no affordable phones in the market with those features.
In the next segment, you will learn about the remaining part of the first stage of the research life cycle, i.e. preparing the research brief.
When your organisation wants to conduct a research, they would either appoint an internal team or outsource it to a market research agency. There is a high probability of your organisation choosing the latter since market research agencies possess the required expertise to conduct a successful market research. As a manager, it is your responsibility to provide a well-prepared research brief to your market research agency. This is an important stage of the market research process and is one of the activities that will require your active involvement. You may not conduct the entire research yourself as your role will entail you to overlook the process and evaluate it. For the successful completion of your market research, the agency must be provided with a research brief. In this section, you will learn why it is important and how to prepare it.
A market research brief is a document that is sent to a market research agency/researcher by the organisation that wants to conduct the research. This document highlights the objectives of the research, the background information regarding the market problem, the target audience, and the impact of the findings on the organisation, proposed timings, and the findings from previous similar studies conducted by the organisation. This document helps the researcher to understand the overall objective of the research and prepare a research design that produces relevant results.
Now that you know the importance of market research, let?s learn how to prepare one
the kind of information that needs to be included in this document. Remember that the research brief should not exceed more than two pages. In this next video, we will take you through a sample research brief by Cinthol, which focuses on their ?Alive is Awesome? campaign.
Industry experts recommend you to keep in mind a few things while conceptualising and writing a research brief:
Welcome to the session on ?Research Design and Data Collection?. In the previous session, you learnt how to prepare a market research brief. But what are the processes that they will follow, after you send it? They will get back to you with a research design, methods of data collection, sampling and other details. You need to know what these processes are in order to evaluate anything they send to you.
In this session, we will move on to the second stage of the research life cycle, i.e. research design. Here, you will learnt the two types of research design: exploratory and conclusive.
The session will also introduce you to the third stage i.e. data collection
After you give the research brief to the agency, they will get back to you with a research proposal and suggest a research design for your market research. Research designing is the second stage of the market research life cycle. You need to learn the types of research designs to evaluate this proposal and give the go-ahead for the research. In this video, you will learn about the two types of research designs ? exploratory and conclusive.
Exploratory researches are done when complete information isn?t available to the researchers. In this situation, the researcher needs to examine all the possible dimensions and concepts that interact with the problem. Expert interviews, literature reviews, and qualitative research are some of the components of exploratory research. The intent behind using exploratory research is essential to EXPLORE a problem or identify the nature of a problem. It is not used to derive a solution to a problem. However, it provides the background information that is required to conduct a conclusive research.
You also learnt how Intex used exploratory research to find out the reasons why its brand wasn?t faring well. However, using exploratory research, Intex wasn?t able to derive insights that will help it tackle this situation.
In the next section, you will learn about the conclusive research design. You will also dive deep into two different types of conclusive research designs, i.e. descriptive and causal research.
Conclusive researches are more formal than exploratory research. This research design will allow the researcher to verify and quantify the findings derived from the exploratory research. It will further help an organisation to arrive at actionable solutions to tackle a particular problem, unlike exploratory research. There are two kinds of conclusive researches ? descriptive and causal researches.
Descriptive research is used to describe a situation in greater detail. It helps in describing the characteristics and behaviours of its sample population. You can use descriptive market research to find the users of your product/service, their buying patterns, the anticipated demand for your product/service, etc. However, descriptive research, unlike exploratory research, cannot be used to find out the reason behind the user?s behaviours.
Causal research is used in a business environment to find out the cause and effect relationship between two things. This research is used to test if a certain change in an existing situation will yield a different result.
You?ve learnt about these concepts through the examples of Intex, Fabindia, and Sony PlayStation, the game development company. Remember what you learnt about the three types of research designs through the following example of Delhi Daredevils.
|Exploratory Research||Descriptive Research||Causal Research|
|Research Objective||To find out the reasons behind the declining popularity of Delhi Daredevils, the IPL team||To find out the ?level? or ?degree? of dissatisfaction among the supporters of Delhi Daredevils||To find out if a change in the team anthem will increase the support for Delhi Daredevils|
After finalising the research design, the research team will start the data collection process. In the next segment, you will learn about the data collection method using secondary research.
After the research design is finalised, the next step is to start the data collection process. Before you start collecting data directly from users, it is important to conduct research and find out the already existing information with regard to your research. This will save you the cost and avoid duplication. This process of gathering already available data is called secondary research. Let?s hear from our experts about secondary research in detail.
econdary research is a kind of research using which a researcher can collect existing or published data. This research process is usually a prerequisite to primary research as you can obtain all the existing data and identify the knowledge gaps, which will help you conduct primary research. You will not be able to find any original data using secondary research because the information you receive is based on data that is already available. Some of the major sources using which you can collect secondary data include ?
In the next section, you will introduced to data collection using primary research.
a product could use secondary research through the example of Center fresh, the chewing gum. From the same example, you also learnt that all the data could not be procured through secondary research. An organisation needs to conduct primary research to fill the gaps in data.
The major differences between primary and secondary data collection methods. They are ?
|Secondary Research||Primary Research|
|In secondary research, you need to use the existing data or information to derive solutions.||In primary research, you need to collect fresh data from your target audience directly|
|The sources for your data are books, annual reports, the internet, sales reports, competitor data, government sites, news, and other such sources.||In primary research, you collect your data using questionnaires, interviews, focus group discussions, etc., whereyou directly interact with the people providing the data|
|The researcher needs to validate the authenticity of the collected data, which involves checking whether it is from a reputed source||The researcher needs to validate whether the person/group from which the data is collected is reliable or not|
|The researcher should verify the context of the data since it might have been collected for a different purpose||The researcher should verify the validity of the data to make sure it?s not outdated|
|Secondary research mostly helps in understanding a problem in depth||Primary research is mostly helpful for solving problems faced by organisations|
|This form of research consumes less time as the data is already available||This form of research takes more time as the data needs to be collected afresh|
|From a budget point of view, this will be less expensive because you don?t need to allocate budget for data collection and the collected data will usually be from free sources||This form of research can be more expensive as it involves incurring costs for collecting data|
To conduct secondary research and how it is different from primary research. As a matter of fact, secondary research is important to gain momentum in your primary research. Based on your secondary research, you can define your research objectives more clearly and plan your research design to start primary data collection. You will learn more about this in the next session.
Welcome to the session on ?Data Collection using Primary Research (Qualitative)?. In the previous session, you learnt about the different kinds of research designs and when to use them. You also learnt how to conduct secondary research and how it is different from primary research, is important to proceed further in your research. Based on your secondary research, you can define your research objectives more clearly and plan your research design to start primary data collection.
In this session
You will deep dive into data collection using primary research. Furthermore, you will be taught what qualitative and quantitative market research are and the key differences between the two. Going ahead, you will learn how to select the ideal sample for your qualitative research and the various methods of data collection used in this process.
In the last segment, you learnt how to gather the existing data and use it to strengthen your market research. In the next video, you will learn why it is important to collect data yourself and how it adds value to your research. Let?s learn about primary research from our experts
The advantages of using primary research include ?
In the next part, you will learn that data collection using primary research methods is of two types ? qualitative and quantitative.
Qualitative market research looks into the opinions, attitudes, feelings, behaviours, and thoughts of a consumer and tries to understand the reasons for these. In simple terms, it is used to understand what people think and why.
Quantitative market research focuses on facts, data, and statistical values. The purpose of this research is to translate consumer behaviour and attitudes into numerical values such that the interpretation can be compared with other datasets.
The table below lists the differences between these two types of primary data collection:
|Qualitative Research||Quantitative Research|
|This form of research deals with qualitative data, i.e. it is used to measure the consumer?s reactions, responses, attitudes, or feelings towards a product/service.||This form of research deals with quantitative data, i.e. data in the form of numbers and statistics, which will be used to derive conclusive findings about a product/service.|
|Qualitative research deals with more conceptual problems and aims to derive a detailed and complete description of the problem. Often, this form of research is used to understand the research problem in detail in order to find solutions to the market problem.||Quantitative research deals with more empirical problems and aims to generate numerical data, using statistical, logical, and mathematicaltechniques.|
|The researcher may not have a detailed understanding of the problem while conducting this form of research. It is highly possible that the responses through the research can guide and even change the direction of your research.||When quantitative research is commissioned, there is a clear definition of the problem and the researcher is looking for open-ended responses to test whether a hypothesis is correct or wrong. The chances of your research being guided to another direction is negligible as the researcher has clarity on the kind of responses that are expected.|
|A moderator is compulsory for this kind of research. Be it interviews or group discussions or observation methods, it is the moderator who acts as the data-gathering instrument.||The methods used in quantitative research are surveys, questionnaires, etc., which do not need a moderator?s perception skills to record or interpret.|
You have understood the importance of primary research and have learnt how it is crucial in holding an edge over your competitors. You also learnt about the two broad data collection methods in primary research ? qualitative and quantitative research. But what exactly does qualitative research help you understand about consumers? A lot of leading brands have used qualitative research methods to launch certain products that took the market by a storm. In the next segment, you will learn how two brands (one Indian and one International) used qualitative research methods to understand what the consumer wanted and delivered a product based on the market expectations and became best sellers.
Using market research, you can gain an understanding of how to help your product/service achieve your targeted results. There are two kinds of data collection methods that fall under primary research ? one that helps you find if consumers? are buying your product and the other helps you find out what was in the mind of a consumer when he bought your company?s product. In this segment, you will be learning about the second method. This method helps find out the experiences of consumers and reveals their underlying behaviours, perceptions, emotions, thoughts, opinions, etc. that led them to the decision of buying that product. This can be achieved through qualitative market research. Let?s learn from our experts in detail about this.
you will learn about the other findings that Gillette and Saregama generated using qualitative research. Let?s learn about this from our digicanny expert
the examples of Gillette and Saregama, you learnt about the importance of qualitative research and the kind of insights it gives. You also saw how these brands used the insights to make relevant management decisions to develop their respective products.
Some of the major reasons why brands use qualitative research methods are as follows:
Often, researchers use qualitative research as a prerequisite for quantitative research methods. However, qualitative research can be used before and after quantitative research.
How to build your brand using qualitative market research?
You are not the only one in the market. Consumers are spoilt for choice, and it is your responsibility to ensure they come to your for their needs. You need to know your consumer in and out,understand the deep emotional connect he/she has for you, and use the insights to develop more relationships with more consumers. Some insights from qualitative market research to strengthen your brand include:
So far, you have learnt why qualitative research is done and how it helps a product or service. In the next segment, you will learn how to select the right audience to conduct qualitative market research.
Let?s assume that you want to study consumer satisfaction levels of guests who have stayed in Treebo hotels across the country. Reaching out to each and every guest who used Treebo properties is a tedious process and will turn out to be extremely expensive. In this case, the researchers should select a ?set of people? from the large consumer base of Treebo and collect data from them to gather insights into consumer satisfaction levels. The findings are used to further improve the guest experience of every Treebo user in the future. This selection of a ?representative section? of the entire target audience in order to conduct the research and extrapolate the findings back to the target audience is called sampling.
In the following section, you will learn about three major sampling methods used in qualitative research.
You gained an understanding of the three major sampling methods used in qualitative research. They are ?
If Treebo Hotels wants to find the reasons why guests liked or disliked their experience, they can use qualitative research to find the answers. How will they select the ideal sample for the research?
Once the sample is selected, you need to go to these people and collect the data from them. What are some of the commonly used methods to collect data using qualitative research. You will learn about this in detail in the next segment.
Qualitative research is exploratory in nature since it aims to gather insights by understanding the underlying motivations and perceptions of the consumer. This forces the researcher to probe further than just understand what the problem is. This leads to large chunks of descriptive data that cannot be quantified and measured easily. Since the information that the researcher is looking for is very subjective, data collection in qualitative research is a long and expensive process. Usually, this also forces the researcher to decrease the sample size to effectively utilise the available time and resources. In the following videos, you will gain an understanding of the major data collection methods using qualitative research.
The three method of data collection for qualitative market research. You will also learn about a few contemporary techniques used in data collection for qualitative market research. T
In this video, you learnt about some contemporary techniques that are used by market researchers. These are called projective techniques.
Once the data is collected, it is important to analyse it to derive relevant findings that will help you better your product or service. In the next session, you will learn in detail about data analysis and reporting.
Welcome to the session on ?Analysis and Reporting (Qualitative Research)?. In the previous session, you learnt about data collection using primary research and the two types of researches under this: qualitative and quantitative. Furthermore, you were taught in detail about qualitative market research, the methods to collect the right sample and the traditional and contemporary data collection methods under qualitative market research research
In this session you will three major methods used for Qualitative Research Analysis:
Furthermore, you will deep dive into the process of preparing a research report and delivering a presentation to your top management
The data collected for qualitative research is largely textual in nature. The analysis of such data involves the identification and interpretation of patterns and recurring themes. Using this, the researcher generates findings that can be applied to the making of a product or service
the following data analysis methods for qualitative research:
Content Analysis is a method of studying recorded human interactions, such as data acquired through books, videos, interviews, discussions, observation methods, etc., to answer your research question. Let?s understand this process using an example.
The steps involved in this process are ?
In the next part, you will learn the other two methods of data analysis used in qualitative research
the other two methods of data analysis used in qualitative market research:-
2) Word Cloud Analysis
This is an organized display of words in the form of a collage, usually with different colours. It highlights the key themes or keywords that your respondents used when asked about the various aspects of your brand. This will help you get a picture of the general perception that people have towards a certain question. The keywords highlight how ingrained certain thoughts are in the minds of people when it comes to the various aspects of your brand.
3) Narrative Analysis
This uses descriptive data to create a story, using which you can narrate to someone why and how something happened. Using these narratives, one can identify certain behavioural patterns and emotions with regard to a product or service. This form of analysis has a huge part of it covered during the data collection method, where the researcher with an outline of the story probes the interviewee to delve into further details. The analysis should capture the key themes that recur in the story and correlate them with other methods of analysis.
After the data is analysed, it is important to present it in a format that is easily comprehensible for the people using it. In the next segment, you will learn about preparing a market research report and get tips for an effective presentation.
Once the entire research process is completed, the research agency presents the findings of the research along with their recommendations, the methodology followed, etc., in the form of a report. As a manager, it is your responsibility to evaluate the findings and communicate the insights to your top management. This will act as a catalyst for marketing actions, tied to the purpose of this research.
In this part, you will learn about the importance of a market research report and the ways it is prepared.
Reporting and presentation are important for the following reasons:
A good market research research should contain the following:
Some of the points to keep in mind while presenting the findings to your top management are ?
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