I’m stuck on a Marketing question and need an explanation.
Answer the questions below in 300 words and add citing if needed:
Many market researchers have their favorite research approaches or techniques, although different researchers often have different preferences. Some researchers maintain that the only way to really learn about consumers or brands is through in-depth, qualitative research. Others contend that the only legitimate and defensible form of marketing research uses quantitative measures.
Take a position: The best marketing research is quantitative in nature versus the best marketing research is qualitative in nature.
Reply to the following 2 posts in 100 words; nothing fancy, just make sure there is some sort of interaction.
1) Qualitative research is triggering the emotional standpoint of the consumer. I think this is the best way to allow the consumer to meet their needs because people often only spend money on things they are interested in or need. If you can solicit an emotional response from someone, getting them interested in a product can be easy based on the marketing of those products. Although qualitative research is good to know about which products are able to sell and solicit that emotional response, quantitative is what the companies can see and really be able to input into where they focus on specific areas of marketing. I think it comes down to what the company is interested in.
2) Marketing research can be either qualitative or quantitative in nature, depending on the business’s “unique needs, timeframe, scope and budget” (Steber, 2017). In addition, the decision on which of the two to use in any marketing research “must only be based on what the business requires” (2017).
Three questions one must ask in order to make such a decision: Is our market research exploring perceptions (qualitative), or testing a hypothesis (quantitative)? Do we need an in-depth understanding of why customers have certain opinions (qualitative), or do we want to measure their opinions (quantitative) Finally, do we want to map out the experience of an individual respondent (qualitative), or make assumptions about a larger audience (quantitative)?
Qualitative marketing research and quantitative marketing research have different purposes in nature. The purpose of quantitative research (the “what” of customer behavior) is to obtain dependable, consistent truths, numbers and evidences that will aid in big business choices, like “is there a strong market for our product?” or “how many of our target customers care about this benefit?” Likewise, qualitative research (the “why” of customer behavior) aims to understand the insights into customer motivation and emotion (2017).