Market research

Experience in market research

Research types and methodology

Analysis of company's position

Analysis of demand

Analysis of supply

Consumer analysis

Segmentation

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Product characteristics study

Evaluation of ad efficiency

Complex market analysis

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Research types and methodology

We should begin our description of the main types and methods of market research with their classification. This classification can be based on the tradition of methodology development within academic sciences. In such case, there are two major groups: methods of collecting field data and active methods which combine studying the existing reality and influencing it. In scientific disciplines focusing on studying social processes – social psychology, sociology – observation, interviewing, experiment, content analysis and secondary data analysis are included in the first group. Methods of influence include interactive forms of work with individuals and groups of people.

There are three spheres of application of these methods: fundamental research, applied research and practical work. Market research is ultimately pragmatic, but, on the one hand, they contribute to fundamental theory, on the other hand, they are supported by it, so all these three spheres of scientific methodology are sources of development of the arsenal of marketing means.

The validity of academic classification of methods is definitely a valuable aspect for the overall preparation of research specialists but is poor help for managers who need marketing information to run their businesses effectively. For them, an alternative to the academic classification is a simplified division of methods into quantitative methods and qualitative methods.

This division is reflected in the structural organization of research subdivisions and expresses itself in the content of commercial offers of research agencies. It so happened that the data obtained in the course of standardized surveys and formalized collecting of statistical data and general data provided by consumers and expressed in their words require specialists of different types of training and application of different methods of collecting and analyzing data.

Quantitative research includes analyzing official statistic data, data of interviews and mediamertric data, on-scale assessment and other types of analysis relating to statistic generalizations or specially collected facts. Qualitative methods include means of collecting and processing information focusing on finding out causes of the existing situation and the general context of the market situation rather than determining particular values – volumes or shares. Such methods are various group discussions – focus groups, extended creative groups, landing parties, brainstorming, Delphi approach and other groups as well as in-depth interviews conducted individually though based on a particular scheme and similar to group discussion.

However, for a company expecting an answer to its subject question, it is not the depth of interview that is important but the answer itself. That is why, in real research, a reasonable combination of qualitative and quantitative information is reached by using both methods.

A most pictorial view of the methods of market research is provided by their functional classification. It establishes correspondence between the objectives a company has to meet at different stages of brand development and the means of their meeting.

Marketing, as it focuses on meeting the needs of target markets, is determined by detailed answers to two serious questions, how big the demand is and how big the supply is. A correct estimation of these two aspects of the market allows the company to detect unsatisfied demand and provide it with supply and the company with profit.

Both the demand and the supply have many aspects, and methods of data collection depend on them. The chart below presents relative division of methods into groups corresponding to different aspects of the market.

The list of practical tasks an organization has determines the key elements performing as subjects of market research. The information supply of marketing decisions is determined by questions arising at every stage of the product’s lifecycle. According to the universal scheme of product marketing, the consequence of these stages determines the collection and analysis of the following information:

Classification of market research methods in terms of goals and objectives at different stages of brand market promotion

There is no rigid connection among the above listed objectives and methods. Such traditional methods as interview, group discussion and, of course, analysis of official statistical data may be useful at any stage of product marketing. So some methods are either used for many objectives or used step by step at different stages of brand promotion. However, there is a particular correspondence between goals and means. In case there is a need to meet a particular objective, it is reasonable to choose from the means given in the chart. That is why this scheme is in a way an agenda for discussing methods which might be offered by our company to meet the client’s objectives.