Overview of Market Research Methods

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In the past, research was done by a single person or small groups. This process of gathering data was time consuming and expensive. However, with the advent of digital technologies, it has become easy to collect and analyze data in a much faster and cheaper way. Market research methods vary from one industry to another. Each method has its advantages and disadvantages. Market research is the process of gathering information about a product or service. It is used to determine if a product or service will be successful in the market and what it should look like. Market research methods include interviews, questionnaires, surveys, focus groups and data mining. Research methods can be divided into qualitative and quantitative. Qualitative research methods are those that focus on the meaning of words, feelings and emotions while quantitative research methods are focused on numbers.
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