What is exploratory research in marketing research?

Exploratory research is an important part of any marketing or business strategy. Its focus is on the discovery of ideas and insights as opposed to collecting statistically accurate data. That is why exploratory research is best suited as the beginning of your total research plan.

What is exploratory research with example?

Exploratory research is the process of investigating a problem that has not been studied or thoroughly investigated in the past . Exploratory type of research is usually conducted to have a better understanding of the existing problem, but usually doesn’t lead to a conclusive result.

What are these four types of exploratory research?

Exploratory research

secondary research – such as reviewing available literature and/or data.
informal qualitative approaches, such as discussions with consumers, employees, management or competitors.
formal qualitative research through in-depth interviews, focus groups, projective methods, case studies or pilot studies.

What do you mean by exploratory research?

Exploratory research is defined as a research used to investigate a problem which is not clearly defined. It is conducted to have a better understanding of the existing problem, but will not provide conclusive results.

What is the main purpose of exploratory research?

The goal of exploratory research is to formulate problems, clarify con- cepts, and form hypotheses. Exploration can begin with a literature search, a focus group discussion, or case studies.

What are the advantages of exploratory research?

Advantages of Exploratory research

The researcher has a lot of flexibility and can adapt to changes as the research progresses.
It is usually low cost.
It helps lay the foundation of a research, which can lead to further research.

What are the steps in the exploratory approach?

Market Research Steps

Define the Problem. All research problems generally start in the same place: identifying the issue at hand.
Choose a Method.
Create Research Procedures.
Collect Data.
Determine Results.

What are the features of exploratory research?

Characteristics of Exploratory Research

Exploratory research is inexpensive, interactive, unrestricted, and open-ended in nature.
It is an unstructured type of research.
No pre-research is conducted to support exploratory research and even there is no prior information available on the problem from the past research.

How is exploratory research used in marketing research?

Exploratory research is also done in conjugation with other research methods like Descriptive and Casual research. These methods can’t be isolated from each other, and when used together, a marketer can yield better results. Found the article interesting?

Which is an example of an exploratory approach?

Exploratory research is conducted in the beginning phase of the problem. The outcomes of this research provide answers to questions like what, how, and why. Therefore, it is also referred to as interpretive research or a grounded theory approach. For example, take an example of an ice cream parlor.

What are the steps of an exploratory research study?

Here, we discuss 5 steps to conduct exploratory research. The steps are very similar to the actual steps in any marketing research study. If you want to learn more in detail, read the article on Steps in Marketing Research. Find out the problem that you want to address. Build your hypothesis, it will provide a direction to your research.

How is exploratory research related to interpretive research?

What is exploratory research in marketing research? Exploratory research is an important part of any marketing or business strategy. Its focus is on the discovery of ideas and insights as opposed to collecting statistically accurate data. That is why exploratory research is best suited as the beginning of your total research plan. What is exploratory…