Data Insight: Role of Quantitative and Qualitative Research in Modern Marketing and Data Analysis
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Added on 2023/06/11
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This presentation explores the role of quantitative and qualitative research in modern marketing and data analysis, including concepts like correlation, regression, and time series. It also covers how data is collected and used to make business decisions, and the use of big data in decision-making.
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Table of content Introduction Role of quantitative research in modern marketing research and data analysis Role of qualitative research in modern marketing research and data analysis Concept correlation and regression and its uses in business Concept of time series and its use Provide a critique of issues surrounding the analysis technique How data is collected and used to make business decisions CONCLUSION References
Introduction Data insight is defined as the deep understanding of an individual as well as organisation gains from analysing information on a specific issue. It helps organisation to make better and efficient decisions that lead business towards growth and development (HuebnerandMoore.,2019Alongwiththat,itfacilitates organisation to make more effective marketing, conduct efficient operation, provide better customer services and reduce risk from business.
Role of quantitative research in modern marketing research and data analysis Quantitative research:Quantitative research is defined as the process that is related to collecting and analysing numerical data). (Plaça, ., 2020).It is used by organisation for finding patterns and averages, generalise results and make predictions. Quantitative market researchis considered as the powerful tool that helps organisation to gain numerical information regarding customers and other marketing aspects.
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Continuous.. Some roles of quantitative research in business marketing research and data analysis are explained below: Produce numerically rational theories Calculate and analyse data Enhance willingness of respondent
Role of qualitative research in modern marketing research and data analysis Qualitative market research: Quantitative market research is defined as the open-ended questions that are based on market research methods such as focus group,depthinterview,observation,onlineforumandotherresearch method(Abbitt and Boone., 2021). Qualitative research plays important role in modern marketing research as well as data analysis process to business through gaining data regarding customer’s needs, demands and preferences. Help to gather detailed information Helps to reduce customer churn Help to gain best method to collect market information
Concept correlation and regression and its uses in business Correlation:Correlation is defined as the statistically term that describes the degree to which two variables are coordinated with each other(Kerner., Dogan and von Recum., 2021).It helps business to understand various concepts and their use in business decisions. Use of correlation in business are explained below: It helps business to maintain relation between two variables such as price and demand, advertisementexpensesandsales andotheraspects thathelpbusiness toperform operations.
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Continuous Regression:Regression is defined as the set of statistical processes that is used to estimating relationship between a dependent variable and one or more independent variables. It enables business to understand and recognise various aspects that are related to business to develop policies and decisions in order to attain determined goals and objectives. Some use of regression are mentioned below: Regression help business to analyse relationship between market demand for goods and consumer income that help business to take efficient decisions.
Concept of time series and its use Time series is defined as the observation from the sequence of discrete-time of various succession intervals. It is considered as the running chart. Time is independent variable as well as support target variable with the objective of predicting results in appropriate manner. It is collection of observations of well-defined data items that are obtained from repeated measurements over time. Use of time series are mentioned below: Time series helps business to analyse various variations such as seasonal variations, trend variations, random variations and cyclical variations that help business to take effective decisions in appropriate manner.
Provide a critique of issues surrounding the analysis technique Therearevarious analysistechniques areusedin business such as regression analysis, factor analysis, pestanalysis,datamining,decision-making, histogram,systemanalysisandothersthathelp businesstoanalysecurrentsituationanddevelop effectivedecisionsfordevelopingplanningand strategies.
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Big data and its use in modern business decision-making Big data is defined as the collection of data that is huge in size and regularly growing exponentially with time. It is the combination of structured, semi-structured and unstructured data of organisation that help to analyse data and collect reliable information that lead business towards growth and development. Use of big data in decision-making are explained below: Big data help business to improve decision-making through identifying patterns and problems. It helps business to understand situation and take efficient decisions to resolve problems in effective way.
How data is collected and used to make business decisions Data collection is defined as the process which is related to gathering andmeasuringinformationonspecifictargetedvariablesina systematic and established system. There are various methods are used by organisation to collect data that can used in decision-making and organisational policy formulation. Data can be qualitative and quantitative. Some method of data collection are explained below: Survey Interview Observation
Conclusion As per above report, it can be concluded that there are various research such as qualitative and quantitative that are used by organisation to gain market and customers related information in efficient manner. Business uses various data collection methods such ad interview, survey, observation and other that help business to create planning and take decisions.
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References Huebner, R. and Moore, P., 2019, March. Data Insight: Helping Districts Use the Right Data for Improving Student Outcomes. InSociety for Information Technology & Teacher Education International Conference(pp. 1033-1033). Association for the Advancement of Computing in Education (AACE). Plaça, L., 2020. How DigitalBox used AI-powered data insight to boost sales. Abbitt, J.T. and Boone, W.J., 2021. Gaining insight from survey data: an analysis of the community of inquiry survey using Rasch measurement techniques.Journal of Computing in Higher Education,33(2), pp.367-397. Kerner, J., Dogan, A. and von Recum, H., 2021. Machine learning and big data provide crucial insight for future biomaterials discovery and research.Acta Biomaterialia,130, pp.54-65.