April 21, 2006, Newsletter Issue #12: The 2 Sides Of Marketing
Tip of the Week
In any profession you will find that most companies have their own specific language made up of abbreviations and acronyms --words or phrases that only they understand. This is especially true with market research professionals. They have big words for almost every part of the business including their market research surveys. There are 2 major classifications for the types of questions:
Quantitative: The hard facts - "How many people would buy this?" "How many people would try that?"
Qualitative: Opened ended data that tries to understand what people feel or think about a product.
If you are in charge of creating market research surveys it would be in your best interest to collect data from both of these angles. This way you can create an extremely accurate marketing strategy that will cover all of the consumer bases.
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