It is often argued that a qualitative study does not need a conceptual framework but theoretical framework is need. But that is not the case for a quantitative study. So I need clarity.
Theoretical model is whereby you are using an existing and recognised model and can either test or apply that model in your study. Your study results can either align or agree or disagree to it.
Conceptual model- this is whereby your study results become the key to determining a potential new model in your area of study.
You can also go the 'hybrid route'- whereby use an existing theoretical model, but your study results can/may recommend an extension/update to the model based on your study findings. This means that you have taken an existing theoretical model and conceptualised new constructs for it based on your novel study findings (if any).
Whichever route you choose, it can be really fun to work with these.