The three main types of market research are:
- Exploratory Research: This type of research is conducted to gather preliminary information that will help define problems and suggest hypotheses. It is often qualitative, involving methods such as interviews, focus groups, and open-ended surveys.
- Descriptive Research: This research aims to describe characteristics of a population or phenomenon. It is more structured than exploratory research and often involves quantitative methods such as surveys, observational studies, and data analysis to provide a clear picture of the market.
- Causal Research: Also known as explanatory research, this type investigates the cause-and-effect relationships between variables. It typically involves experiments and controlled studies to determine how changes in one variable impact another, helping to predict future trends and outcomes.