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  • Writer's pictureKenneth Cochrane

Market Research is Evolving

Quantitative market research is a type of research that uses statistical and mathematical techniques to gather and analyze data about markets, customers, and competitors. It involves the collection of numerical data that can be measured and analyzed using statistical methods. Quantitative research can provide insights into market trends, customer behavior, and product performance.

While quantitative research has its strengths, such as its ability to produce precise measurements and statistical significance, it may not always be the most effective approach for every research question. For example, it may not be able to capture the richness and complexity of human behavior or attitudes.

Furthermore, with the rise of big data and machine learning, some argue that traditional quantitative market research may be losing its relevance. Big data analytics can process vast amounts of unstructured data and reveal patterns and insights that may not be immediately apparent through traditional quantitative research methods.

In conclusion, while quantitative market research remains an important tool for understanding markets and customers, it may not always be the best approach for every research question. As technology advances, researchers will need to adapt to stay relevant and effective in the field. The use of disparate data sets will continue expand. While qualitative market research to capture the richness and complexity of human behavior will guide quantitative work.

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