Name : Michelle Pahaganas

S.I.N : 20061102341
Class : 6C IBA
Marketing Research Summary
 The importance/background of marketing research
 The difference between qualitative and quantitative

The importance/background of marketing research

Many market research professionals and academics point to the 1920s as a starting place for
the market research industry, which was about the same time that marketing was gaining
recognition as a serious business strategy for companies. Prior to the 1920s the main
approach to business that companies had was to sell as much of their goods as possible.
Consumers grew weary of these aggressive sales tactics. When businesses started to have
trouble selling their goods, they realized they had to think more carefully about their
customers and what they wanted. Companies started strategizing how best to promote their
products and services to their target audiences. This was the beginning of marketing, and its
main focus was connecting companies with their customers. Market research evolved around
the same time to help companies understand their customers better and learn more about
potential customers, competitors, and the marketplace.
Market research allows a company to discover the target market and get opinions and other
feedback from consumers about their interest in the product or service. This type of research
can be conducted in-house, by the company itself, or by a third-party company that
specializes in market research. Some of the overarching goals that market research can help
organizations accomplish, include: 
*Making important business decisions
*Securing investments and funding
*Determining new business opportunities and even avoiding business failures

The difference between qualitative and quantitative

Quantitative data is numbers-based, countable, or measurable. Qualitative data is
interpretation-based, descriptive, and relating to language.

Quantitative data tells us how many, how much, or how often in calculations. Qualitative

data can help us to understand why, how, or what happened behind certain behaviors. In
order to analyze both types of data, you’ve got to collect the information first, of course. 

Qualitative research methods are more flexible and utilize open-ended questions. Quantitative
data collection methods focus on highly controlled approaches and numerical information.