How Can Market Research Benefit from Quantitative Methods?
Market research is a critical component of entrepreneurship. Quantitative techniques such as surveys, questionnaires, and statistical analysis provide reliable data on customer preferences, market size, and competitive landscape. This data helps entrepreneurs to:
Understand Customer Needs: Identify what customers want and tailor products or services accordingly. Segment the Market: Divide the market into segments based on various criteria like demographics, behavior, and needs. Analyze Competitors: Gain insights into competitors’ strengths and weaknesses.