I need a discussion post to respond to the below... Benefits of soft market rese

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I need a discussion post to respond to the below...

Benefits of soft market research data:

Soft market research, data such as; psychological response/ reactions displays towards the products influence contribute while articulating the marketing strategy. While collecting soft market research data; using focus groups and observation coming to recognize what motivates the potential customers during purchases. Finding like this can be combined in numerous aspects; for example, pricing, discounting, product features, packaging and etc.

Soft marketing data can be challenging to capture and also to analyze. Yet, when captured effectively and can be understood properly, the benefits can be in standings of revenue and customers reliability.

Benefits of hard market research data:

Hard marker research depend on collecting numerical/ demographic data. This helps regulate the organization's clienteles are, what they want, how much they want and when/ how they want the product or service.

Hard Data defines the categories of data that are produced from devices/ applications. For example; phones, computers, sensors, traffic monitoring systems, call detail records, bank transaction records and etc. This information can be measured, traced and also; validated. Most organizations currently use Hard Data for analysis, geo-location, and predictions.

When required to calculate the data and check the numbers we use hard data. However, when we need to analyses the psychological needs and factors of the customers like; their desires, likes and dislikes we use soft data.

References:Wild and Wild (2016). International Business: The Challenges of Globalization 8 th edition (with MyIBLab SAC). Pearson Publishing

Explanation / Answer

Hard market research is based on facts and numbers while soft market research is based on perceptions and quality feedback. In my views both hard as well as soft market research have their share of advantages and disadvantages and are essential for conducting a holistic study. Hard data can be used to conduct statistical study based on facts while soft data can be used to draw analogies and understanding the subjectivity of the content under study. Usually hard data is more reliable than soft data but we cannot ignore the importance of soft data for any kind of critical decision-making. Hence both types of research are important in their own terms and a researcher must first understand the scope of his study to finalize the type of market research that he will conduct

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