Exploratory vs Conclusive Marketing Research - The Differences & Similarities

Marketing research is vital to the success of any busines, we need to know what our clients think, what our competition is doing, if our products are being accepted by the market. And when we do marketing reserach we have multiple ways to do it. Two ways are Exploratory research where we gain a basic understanding of some of the issues at hand and Conclusive research which gives a definite yes/no answer to our questions.
Filmed in Luxembourg
Copyright Mark Wolters 2019

#marketing #marketingresearch #principlesofmarketing

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[DawitSolomonguru]

I like your explanation sir. Thank you.

[oreosplease]

Wow that enthusiasm i don't even have you as a professor but you seem amazing

[paulbuss]

thank you so much, helped me to get a deeper dive into the matter of research design and improved my knowledge for my exams!

[davidsepulveda]

Very helpful for my upcoming exam!! Thank you :)

[tesfukifle]

Well presented, and thank you for your brief explanations, so based on your insight, can we use both exploratory and conclusive design for research like quality function deployment approach ( for determining the voice of the customers and voice of technicians and finally for determining the prominent voice of customers and voice of technicians).

[tosht]

I do a ton of food research before I travel to any city.
Exploratory research - "Who serves the best schnitzel in Vienna?" I'll read blogs, news articles and lists (NOT TripAdvisor; they are terrible with food) and very quickly will notice the same places being mentioned time and again.
Conclusive research - Once I have a general idea of the 10 best, I look up specific reviews of each resto (quality and service) also noting history and location and make a final determination of the 2-3 I'm going to visit.
*_OK, not really a great example of the topic._* 😀

[frednich]

Speaking of scanner data, wouldn't the quantitative factor be if the same person buys the item more than once? (customer satisfaction) There are a lot of items I buy one time, but then decide I'm never buying it again. (hello pork rinds) Isn't repeat purchases from the same consumer a lot harder to factor? I'm not even sure how to measure that without some sort of polling