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Applied Market Research

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Applied Market Research

Applied market research is a specific type of market research, used to find answers to questions that have a direct impact on practical scenarios. For example, applied research would be used in the medical industry to uncover the healing properties of certain foods or medicines and to ascertain if it could be used practically. Unlike many other studies, an applied research study will often create the solutions for the problem, making it effective when used properly and in the correct situation.
Alongside applied, there are many other types of market research, one of the more common ones being basic research. Basic research is used to increase the understanding individuals have on the topic, instead of finding solutions for it. For example, basic research would study the side effects of a specific medicine or food, instead of whether it could be used to treat people. Applied research is often used in a follow up study to a basic research study, because the increased knowledge that basic research uncovers can illicit problems that applied research could be able to solve.
Applied research uses quantitative data and scientific evidence to find solutions for problems; which creates little chance for bias in the study as all the data has previously been checked. Often, the quantitative data used will have been found by a basic study into the same subject.

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