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MKT 500 Marketing Management Paper

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Assignmet #2
Kai Niu
International American University
MKT 500: Marketing Management
05/07/2017

Quantitative market research or qualitative market research
In the world of business, no matter big firms or small startups they all value market research as a big part of their programs though the scope of marketing research is different. However, the ultimate goal of market research is same which is the data. There are two main methods which are quantitative research and qualitative research for marketing research. Someone prefer quantitative market research as they seek quantity data, while others that just want to understand something choose qualitative market research. Thus, there is a necessary to gain a full understanding what are quantitative and qualitative research, what is the difference between those two type of methods and which type of method should my company follow in order to planning a successful marketing research plan.

Quantitative market research emphasis on quantity and is a collection of numerical data from statistical analysis to help understand the trend and project results to the entire marketplace. One obvious feature of quantitative market research is that …show more content…
The qualitative element frequently takes place at the front end of the study, exploring values that need measuring in the subsequent quantitative phase. It is important to make quantitative research before starting a new business or program as it gives factual figures and data that highlights target market interest and can help secure investors and reduce the risk of their investment. It is also important to carry out qualitative market research as it highlights target market opinion on the business idea, product or service. By understanding these views, it can allow a manager to alter and adapt their idea to ensure consumer satisfaction and competitiveness within the

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