I have always wandered, that can there be any particular method , to find an orginal thought which can be supported by some original data . Recently , a client came to me for a extensive market research project . While , trying to create a practicle proposal for him , I found that only combination of quantative and qualatitive research can satisfy his needs reflected on a wide variety of reference terms . Infact, on the date collection end also , it requires a combination of primary and secondary data to make something very justified on terms of cost and quality .
As market research is a very close partner of Business plan , there has been common debate , that what is the best way, to develop a business plan . Will it start from the emotional quotient of entreprenuer, and focus on what he desires to do and then it would meet in the end to an market need which was unaddressed . This can be ideally referred as inside-out approach . Where you have already build the hypothesis and you want to prove it by facts.
Or, it would start from a unaddressed market need. And then it would be outside-in . Where you will collect the data , and according to the analysis and insight on the data , would build the hypothesis ?