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Market Research, Non numerical data - Coggle Diagram
Market Research
Qualitive Research
Text, video, data
To understand concepts, opinions or experiences
In depth insight
Generate new ideas for research
Quantitative Research
Collecting and analysing
Numerical data
To find patterns and averages
Test casual relationships
Generalise results for a wider population
Benefits of Qualitive
Depth and detail
Provides detail
Saves money
Provides insight
Open ended
Flexible
Disadvantage of Qualitive
Relies upon experience
Lose data
Multiple sessions
Fluctuating results
Misleading conclusions
Time consuming
Benefits of Quantitative
Tested and checked
Straight forward analysis
Prestige
Higher sample size
Focus on facts
Disadvantages of Quantitative
No follow up questions
Determination problems
Cost
No feedback details
Qualitive Example
Focus groups
Benefits
Discussions
Data gathered quickly
Customer insight
Feedback
Valuable output
Negatives
Louder voices
Un-honest insight
Bias or undecided opinions
Quantitative Example
Surveys
Benifits
Low cost
Quick
Easy to build and implement
Direct
Cons
Not full data
Not objective responses
Bias opinions
Customer fatigue
Primary research
Conduct yourself or hire someone
Directly to source
Ask questions
Gathering information
Benifits
Obtain original information
Specific to needs
Current up to date information
Cons
Time consuming
Inaccurate feedback
High cost
Increased number of sources needed
Secondary research
Existing data
Finding research material
Similar documents
Benifits
Fast
Low cost
Easy to find
Negatives
Out of date
Non specific data
Not targeted
Doesn't relate
Non numerical data