Market research is the process of systematically gathering, recording, analysing data and information about customers, competitors and the market. Market research helps businesses create a business plan, launch a new product or service, fine tune existing products and services, and expand into new markets.
In order to carry out their research, brands, charities, companies etc. reach out to their clients (consumers, patients, employees etc.) through different methods.
This is where YOU come in!
There are two main methods for companies to carry out research: Qualitative and Quantitative.
Qualitative research is exploratory and seeks to find out what potential consumers think and feel about a given subject. Qualitative research aids in identifying potential hypotheses, whereas Quantitative research puts hard numbers behind these hypotheses.
Quantitative research relies on numerical data to demonstrate statistically significant outcomes.
The Internet can be used to gather both qualitative and quantitative data.
|Data gathered||Numbers, figures, statistics, objective data||Opinions, feelings, motivations, subjective data|
|Examples||Online surveys, web data, telephone surveys||Focus groups, telephone interviews|
Medical research involves research in a wide range of fields, such as biology, chemistry, pharmacology and toxicology with the goal of developing new medicines or medical procedures or improving the application of those already available. It can be viewed as encompassing preclinical research (for example, in cellular systems and animal models) and clinical research (for example, clinical trials).