Question

aome market researches tout rhe benefits of "soft" market research data fathered using texjniques such as focus groups and observation. Others argue the benefits of using "hard" data such as statistics on consumers buying habits and figures on market size. when might each kind of data be preferred?

Answer 1

When we talk about "soft" data, it is generally used to measure the parameters like experience, emotional attachments, it describes topics that are more subjective, cultural, and opinion-based. This can be very easily scrutinized by a third audience that is looking at the data. Example- One of the examples that we can see of the where soft data is extremely useful is a research where understanding what the organization's products or brands are making an impact on the conusmers. The comparison in terms of consumer use of a product can be done through soft data.

On the other hand, when "hard" data is concerned. It is more numerically proven. Hence when it comes to comparing two industries based on the accounting of their payrolls, or profit making margins that they have achieved is calculated. We can use "hard" data in that case.