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Goals and methodologies to conduct market research

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It's Popcorn Time's financial advisor likes what she is hearing. However, before she agrees to spend any money on marketing communication (i.e advertising), she wants you to do market research to ensure your thoughts will be well received in the marketplace.

a) What do you want to learn through research?
b) What qualitative methods of research would you recommend? Why?
c) What quantitative methods of research would you recommend? Why?
d) What are the benefits and pitfalls for these methods?

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Solution Summary

This posting looks at a hypothetical company and asks to asses the goals of marketing research. It examines the scenario from both a qualitative and quantitative perspective.

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Since we are talking about popcorn here, and the company needs to decide whether or not they will spend money on marketing communications to promote the product. This is very costly, and if the product is not perfect (i.e good taste, value, fresh, nice packaging, affordable, comes in various flavours...) then customers won't purchase the product, and sales will lag, thus wasting the expenditure which was spent on communications.

So the question asks what type of qualitative research should the company conduct. I will begin by defining qualitative research.

Qualitative research is done with a small group of individuals, however; we are able to learn a lot of in-depth information from them. It is different from quantitative research, where you poll hundreds or even thousands of people, and ask them surveys. In quantitative data, you don't get the same depth to their answer (i.e - if respondent number 135 gave an interesting answer in Q.3 there is no way to further probe that ...

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