Relevance of Qualitative Market Research in Data Mining

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• Relevance of Qualitative Market Research in Data
  Mining

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• When you conduct extensive market research to
  build a framework or an idea into something
  substantial and determine its feasibility, you
  indulge in data mining. Data mining is an
  integral part of a research study that requires
  you to understand or find patterns or
  correlations in and between large chunks of raw
  data. The idea is to predict results or outcomes
  by gathering valuable data from raw data and then
  leveraging that data to test a hypothesis or a
  model.
• When you gather data from primary sources of
  information, like people or groups of people or
  organizations or communities, it is referred to
  as primary data. There is a wide range of methods
  that you can use to carry out primary data
  mining. However, it can be majorly classified
  into two categories, qualitative market research
  and quantitative market research.
• Qualitative Market research helps you to
  understand the feelings, perspectives, emotions
  of your target audience. So, it usually revolves
  around gathering information from them related to
  the hows and whys. As its self-explanatory,
  qualitative data is non-numeric and is presented
  or mined in the form of paragraphs or words. In
  addition, it also justifies or supports the
  statistical data of a problem.

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• There are various ways to carry out qualitative
  market research. As one of the best market
  research companies worldwide, we offer a variety
  of methods to conduct qualitative data
  analysis for your brands, such as in-depth
  interviews, in-home usage testing (iHUTs), and
  online bulletin boards. In-depth interviews are
  basically appointment-based interviews either
  conducted on the phone or in-person across varied
  geographies. They target actual decision-makers.
  Online bulletin boards are an immersive way of
  carrying out qualitative market research. They
  help you gather valuable insights related to
  exploratory research. In-home usage testing is a
  famous market research method usually opted by
  various FMCGs and consumer durable companies.
  They can help you improve products, measure a
  products shelf life, assess potential threat
  levels, predict how people will accept new
  products, and enhance product acceptance. So, if
  you are launching a new product, this is surely
  one of the effective market research methods.
  However, the most popular and effective way of
  gathering multiple perspectives and views on a
  topic and understanding where those perspectives
  come from is focus group discussions.

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• Focus group discussions are either
  semi-structured or unstructured interviews
  moderated by a professional who has stellar group
  leadership and interpersonal skills. They ask
  diverse, broad questions to trigger diverse
  responses and engage in productive discussions.
  So, focus group discussions are highly effective
  for understanding an issue or problem at a
  profound level and observing behaviours in a
  particular social situation, which is much better
  than conducting a survey because surveys have
  limitations.
• Qualitative market research involves asking
  open-ended questions, which means the interviewer
  has to be good at framing questions and asking
  them. So, it is also relevant to determining the
  effects of a campaign or program, or
  trend. Qualitative market research and data
  analysis are compelling as a market research tool
  because they allow you to delve into the ins and
  outs of a problem, thereby providing you with
  complex explanations and patterns regarding how
  people behave or interact, or perceive. This
  helps in understanding the role played by
  intangible factors, such as socioeconomic
  problems and social traditions. It can be
  extremely difficult to explore such scenarios
  with quantitative research.

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• Moreover, the valuable data gathered by you and
  the insights derived from qualitative data
  analysis can also help you improve certain
  aspects of your business, such as your revenue,
  customer relationships, and costs. However, it
  takes an elite team of research professionals to
  understand how they can leverage useful insights
  to develop ideas for enhancing their success
  rate.
• So, suppose you want to explore the hows and whys
  of a problem or idea youre working on and you
  want intricate descriptions of peoples
  behaviours or attitudes towards that idea or
  problem, we highly recommend you get in touch
  with a reliable market research company that
  specializes in qualitative market research.
• We, at Unimrkt Research, boast of providing our
  clients with varied high-end market research
  services. Check out our website to know more!