Before introducing a new product, a company needs to conduct both qualitative and quantitative market research to help in determining whether the product will be viable and able to compete favorably both in the local and global market. However, each type of market research involves different analysis and provides various information about the market. Quantitative research includes the collection of numerical data with the resultant being a statistical analysis. Qualitative research, on the other hand, involves analyzing the intangibles aspects of the market such as consumer behaviors and actions. Unlike quantitative research which is aimed at knowing the market trends, qualitative research is aimed at determining the reason why consumers prefer a specific product over other products.
Both quantitative and qualitative research has its benefits and drawbacks. Some of the benefits of qualitative research include a better understanding of new market perspectives, the collection of data allows respondents to freely give their opinions, and the respondents can always give new ideas about a product. The benefits of quantitative analysis include efficiency in data collection, best when creating brand awareness, it’s cost-effective and less time-consuming. The drawbacks of qualitative market research include are labor-intensive, time-consuming and information collected can rarely be verified. The disadvantages of quantitative market research includes, representation of the target population is always limited, cases of limited results during data collection and difficulties in data analysis.
For MM Company to conduct its market research for the new product, then the company should do quantitative research since it is always the best research method that helps in creating brand awareness. Besides, quantitative analysis will enable the company to identify the market size and the location of the target consumers within the market. Statistical data about the performance of the company’s major competitors will also be available. After identifying the target market, the company needs to ensure that the new product is designed and produced according to the needs and specifications of the customers. Besides, the product should address the existing gap within the mobile industry, including the demand for fast and efficient internet services. After all the considerations, the company will enter the market and offer its products through sales promotion to ensure that it reaches the target population.
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