Market research: qualitative and quantitative data
Mo and Emma discuss qualitative and quantitative data
Market research is the process of collecting information about the market or what customers want that might help a business to be more successful and spot gaps in the market. produces Facts and statistics collected together for reference or analysis. that can be categorised as qualitative or quantitative data.
Qualitative data:
- is usually expressed as opinions
- includes descriptive information
- is gained using open-ended questions, eg âWhat do you like about the product and why?â
It provides a business with detailed information that cannot be expressed in a graph or chart. While qualitative data gives detailed information, it can be time consuming and costly to gather and analyse.
Quantitative data:
- is usually numerical data
- is gathered through the use of closed questions, such as âyesâ or ânoâ responses, multiple-choice options or a rating system
- can generally be expressed in a graph or chart
It has the benefit of being simple and quick to analyse. It can also be analysed in a way that gives easy-to-understand results. However, quantitative data lacks specific opinions and doesnât always allow a business to see exactly what its customers think.