What are the Benefits and Components of Qualitative Market Research

Posted by Coral Research on December 9th, 2016

Qualitative market research is one of the keys to the success of any product or service. It is through the process of market research the companies get to know about all the different aspects of the market which determines the success or failure of a particular product. When it comes to market research qualitative, it is all about assessing the market with the help of different analytical tool and coming to a logical conclusion. Here the term “market” includes different parties like the dealers, suppliers and most importantly the consumers. Qualitative market research focuses more on the consumers in order to assess their feedback about the product which is being planned to be launched.

When it Market Research Qualitative, it has numerous benefits. The fact that the trend of the market and the prospect of the products and services could be assessed makes it such a useful tool.  Companies from all over the world, especially in the UK and Singapore use these services to great effects.
 
What are the Benefits of Qualitative Market Research?

Here are some of the benefits which Qualitative Market Research has to offer

•  Subjects and issues which are covered can be analysed in detail and depth

•  When it comes to the interview sessions, they are not limited to any particular questions and can be guided or redirected by the researchers

•  It is possible to revise the framework and direction of the research the moment fresh and new information are available

• When it comes to qualitative research, the data collected depends on the human experience which is more powerful and compelling compared to the data which is gathered using quantitative research

•  Usually, data is gathered from few cases or individuals. As a result the outcomes and findings cannot be distributed among the larger populations; however, as far as the findings are concerned, they can be transferred to other settings.
•  With the help of this kind of research, the researcher knows exactly what he can expect. The results acquired are based on real facts and figures

What are the Components of such Research?

When it comes to qualitative market research, it has different components. All these components put together brings out the exact facts and figures which help the companies in the course of decision making. Here are some of the important components of qualitative market research

•  SWOT Analysis: SWOT Analysis is the process which is undertaken by the organisation in order to identify their strength and weaknesses and also to determine the opportunities and the external threats which they might encounter. With the help of SWOT Analysis, the companies can plan for counter strategies. It also allows the companies to set a path of operation which would let them achieve their goals.

•  Marketing Strategy: This is one of the key components which are used when it comes to qualitative market research. Marketing is one of the most important aspects when it comes to determining the success or failure of a product or service. Therefore, it is essential to make sure that there is an effective and well-designed marketing strategy which is in place. Planning a proper marketing strategy is one of the elements of qualitative research

•  Branding: Branding is one of the most important factors that determine the success or failure of any product. These days, branding is as important as advertising and the companies need to make sure that it is being taken care of with due importance. Determining the branding strategies is one of the essential elements when it comes to the qualitative research program

•    Product Development: It is the product that matters the most. Therefore, it is important to make sure that this aspect is being taken care of.

Author’s Bio: This article has been written by Bipasha Lal, who is an expert in Qualitative Market Research