Research Process and Data collection Needed to Launch a New Product
The need to know more and to achieve true insight is what statistical market research is all about. The market is constantly changing; people's taste, fashion and trends change at a rapid rate. Information gained from the exploratory research can be used to go on to confirm findings from a conclusive design. It is important to note the importance of using quantitative as well as qualitative.
Quantitative research can look into a much larger sample and gain a wider knowledge of the market. It is deeply fixed with numbers and statistics, which enable efficiency when translating the data into graphs and charts and ease of understanding. The data from quantitative can be incorporated into a decision support system to aid in decision making and using 'what if' analysis.
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