Join Cheryl Ladd for an in-depth discussion in this video Quantitative research methods, part of Marketing Foundations: Market Research.
- Quantitative research is all about numbers and statistics.…It seeks to quantify the thoughts…and actions of a target audience.…To understand past or current behaviors,…and, or to predict future behaviors.…How satisfied are our customers?…How will a price increase impact sales?…What is the market size for our new product?…To illustrate, let's continue with…our Andy's restaurant example.…Recall that you work for Andy's,…a national chain of family restaurants,…and you're planning to renovate all of the restaurants,…to appeal more to the younger, 20 to 30 year olds,…without losing the current appeal to families.…
Because you are looking to quantify your results,…all questions should be written in a way…that produce numerical results.…Some questions are naturally quantitative,…in that they ask for a numerical answer.…Such as, how often do you eat out in an average month?…On average, how much do you spend when you eat out?…How often do you order a salad or an alcoholic beverage?…How far do you typically drive to a restaurant,…
The course also explores how marketing research evolves throughout a product lifecycle and identifies possible stumbling blocks and ethical considerations when performing market research.
- Understanding market search
- Determining the research approach
- Understanding the types of research: qualitative to quantitative
- Developing questions
- Collecting data
- Analyzing data
- Preparing reports
- Identifying potential issues in marketing research