Market Research is a systematic, objective collection and analysis of data about a particular target market, competition, and/or environment. It always incorporates some form of data collection whether it be secondary research (often referred to as desk research) or primary research which is collected direct from a respondent. (Atlasti.2015)
After considering the objectives, Market Researchers can utilize many types of research techniques and methodologies to capture the data that they require. All of the available methodologies either collect quantitative or qualitative information. (My Market Research Methods. 2011)
Quantitative research is numerically oriented, requires significant attention to the measurement of market phenomena and often involves statistical analysis.
Quantitative research is often conducted using market research methods like surveys and experiments, which are best at collecting structured data.
Example of Quantitative Research Analysis (Source: HowStuffWork.com)
In the handbook of qualitative research Denzin and Lincoln (2005) describe qualitative research as involving “… an interpretive naturalistic approach to the world. This means that qualitative researchers study things in their natural settings, attempting to make sense of or interpret phenomena in terms of the meanings people bring to them.” (p. 3)
Qualitative research questions are the why and wherefores rather than asking “how often” something occurs and how widespread it is. In qualitative research we ask things like: who is doing or involved in something, how is it done, for what kind of reasons? (My Market Research Methods. 2011)
Atlasti.2015. Qualitative Research. Available from: http://atlasti.com/qualitative-research/. [Accessed on 09.2015]
Denzin, N. K. and Lincoln (2000).Handbook of Qualitative Research. London: Sage2ed ed.). p3
How stuff works. 2015. Available from: http://www.howstuffworks.com/search.php?terms=qualitative+research. Accessed on: 10.22.2015
My Market Research Methods. 2011. Market research .Available from: http://www.mymarketresearchmethods.com/an-overview-of-market-research-methods/. [Accessed on : 8.11.2015]
Saldana,J.2012.The Coding Manual for Qualitative Researchers. USA. SAGE Publications Ltd; Second Edition edition, p.61