Qualitative and Quantitative data

• What is market research?

  Collecting information about the market
• Why do businesses conduct market research?

  To develop products and services effectively
• What are the two main types of market research data?

  Qualitative and quantitative data
• What is qualitative data?

  Data expressed as opinions
• How is qualitative data typically gathered?

  Using open-ended questions
• What is a disadvantage of qualitative data?

  It can be time-consuming and costly
• What is quantitative data?

  Numerical data collected through closed questions
• How is quantitative data typically expressed?

  In graphs or charts
• What is a benefit of quantitative data?

  It is simple and quick to analyze
• What is a limitation of quantitative data?

  It lacks specific opinions from customers
• What are the methods of market research?

  • Primary research
  • Secondary research
• What are the characteristics of qualitative and quantitative data?

  Qualitative Data:

  • Expressed as opinions
  • Descriptive information
  • Gained through open-ended questions

  
  

  Quantitative Data:

  • Numerical data
  • Gathered through closed questions
  • Expressed in graphs or charts
• What are the advantages and disadvantages of qualitative and quantitative data?

  Qualitative Data:

  • Advantage: Detailed information
  • Disadvantage: Time-consuming and costly

  
  

  Quantitative Data:

  • Advantage: Quick analysis
  • Disadvantage: Lacks specific opinions