Whenever a project within Market Research is going to start, many doubts and questions arise from the people who order or hire the agencies. One of the first steps to follow to develop this type of effort refers to the design of the protocol. In this step, the methodology and scope of the study are defined.
This task is essential because it is from this and from a clear and deep dialogue between the analysts and the brands and companies that hire the services of the former that valid and reliable findings can be reached. For this reason, in our blog post this week we share four types of market research from which you can start.
Exploratory research. It is the most basic and elemental type of study. Therefore, it is also the most flexible and adaptive of all since its objective is to be able to know a phenomenon of interest at a superficial level. It allows listing the general characteristics of a situation. One of its main functions is to gather elements to establish the first hypotheses that will give rise to future, deeper investigations.
Descriptive research. This type of project involves a greater effort to ensure a greater degree of objectivity in establishing the object and scope. Its main goal is to provide more precise details regarding the state of a situation at a given moment of a phenomenon that is developing in the market. Therefore, it gives us the opportunity to establish the first hypotheses that must be confirmed or refuted in more sophisticated studies.
Causal or predictive research. This class of projects demands a meticulous design of all the execution stages since, as its name indicates, it seeks to identify with greater clarity the causes that originate a certain behavior among the people who consume. Knowing these guidelines can control some variables to get the desired results.
Strategic research. It is perhaps the most expensive type of study and with the highest degree of objectivity required since it demands a large amount of resources. Its purpose is to obtain the highest degree of accuracy in the results to guide major decision-making. This type of study usually involves both quantitative and qualitative methodology, in addition to demanding a large amount of data and information that must be validated under all available verification mechanisms.
In practice it is possible to carry out these types of investigation either separately, consecutively or simultaneously. This decision will depend on the needs, requirements and resources that are available to the analysts and the needs of the interested parties.
At Acertiva we have knowledge and experience in the development of these and other types of investigations. We put at your disposal our more than 20 years of experience knowing the markets of the countries that make up the LATAM region. Write to us today so that we can understand your needs and tell you how together we can write your next success story.
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