William Wallace
You may have a great idea for a product or service, but before you go any further, first make sure there's a market for it. Market research is often needed to ensure that we produce what customers really want and not what we think they want. Research will often help us reduce risks associated with a new product.
While there are many ways to perform market research, here we've created a list of 5 most unconventional methods to conduct market research.
Companies use focus groups to help determine the most effective marketing messages to send to potential customers, select flavors for products, develop pricing, select packaging and even to assist with naming products and services.
Surveys are a commonly used market-research tool used to collect information, ideas and opinions from consumers. They can be distributed in person, by mail or online.
Qualitative research engages the target audience in an open-ended, exploratory discussion using tools like focus groups or in-depth interviews. Qualitative research explores the “what, why and how” questions and provides directional data about the target audience.
Quantitative research answers the “how many” questions and provides results that can be projected onto the broader population with statistical confidence. It is used for a range of research objectives, including market sizing, product development, messaging testing and others.
A review of all the statistical techniques is provided, as well as table consisting of inferences, parameters, statistics, types of data, examples, analysis, Minitab commands, and conditions. Advanced Statistical Techniques add value to quantitative market research data.
