Qualitative research involves Focus Groups, Customer Interviews, and Ethnography. This type of research allows for the data to have a higher level of detail to it. Qualitative research offers more chances to garner insights from it during analysis. If the existing data does not seem to be delivering any results, the market analysis can shift gears right away. It can seek to gather information in a new direction.
The bases of quantitative research are statistics, straight facts, and numerical data. Online, telephone, and mobile app surveys are some of the tools used. One of the significant advantages of this type of research is that the outcomes are easy to measure. Disputing the results of the quantitative analysis is hard. Compare this to qualitative research, which uses more opinion and less statistical data.
Strategy research, also known as market opportunity research, has several benefits. It allows companies to be proactive. When firms conduct strategy research, they can foresee their future and prepare for it. This type of research helps create realistic goals and objectives. Companies can align these goals with their vision and mission. It aids in outlining the path in which the organization must travel.
All these research strategies are useful for companies seeking to enter the Chinese market. Firms can use them to determine market opportunity, and to gauge consumer response to their products.