Quantitative Market Research
Quantitative research is utilized when a company is making strategic and/or financial decisions that have a major impact on the bottom line. A quantitative study is designed to identify how many people buy, think or do the things they do, with results based on large sample sizes that are representative of the population.
There are two key elements that are important in quantitative studies — reliability and validity. Reliability is the extent to which a measure will produce consistent results. Validity is whether the research will measure what it intends to and can be generalized to the population. It is specifically designed to collect results based on statistical analysis.
When should quantitative research be used:
- To determine the size of a market
- To measure the size and importance of segments within a market
- To know how many people use a product or service
- To know how many people would use a new product or service concept
- To estimate business potential
- To measure the satisfaction of customers, employees, patients
- And more
Contact us to learn more about how market research can help you make the right decisions, and thus keep you from making the wrong decision that can be very costly.
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