Role of Quantitative and Qualitative Research in Modern Marketing and Data Analysis

This report emphasizes the role of quantitative and qualitative research in modern marketing and data analysis. It covers correlation and regression, time series, issues with analysis techniques, ways to gather and utilize data for informed business decisions.

MG413 DATA INSIGHTS

TABLE OF CONTENT
 Introduction
 Quantitative research
 Role of qualitative research
 Correlation and regression
 Time series
 Critique of issues
 Ways in which data can be improved
 Conclusion
 References

INTRODUCTION
 Data insights is concerned with getting deeper understanding of organization practices so
that evaluation of information on particular issue can be conducted.
 In the current era, data insights has major role in enabling organization to get competitive
advantages in order to overcome success hampering factors.
 Current report will give emphasis on role of quantitative & qualitative in modern marketing
research.
 Present case study will emphasize on what is correlation and regression along with its usage.
 Time series will be explained in current report along with examples.
 Issues regarding the analysis technique of big data and utilization in modern business
decision-making.
 The methods of data collection for using in business decision-making will be included in
present report.

ROLE OF QUANTITATIVE RESEARCH IN MODERN
MARKETING RESEARCH & DATA ANALYSIS
 Quantitative research is associated with collecting & evaluating numerical data so that
appropriate knowledge for creating pattern of knowledge can be derived.
 The main aim of conducting Quantitative Research (QR) is to achieve information regarding
facts & figures for the purpose of implementing strategic decision (Gielens, 2021).
 Marketing research is the process of determining viability of new service & existing
products so that experience of potential customers can be derived.
 QR is highly utilized by various companies irrespective of their scale of operations.

CONTINUED…
 Helps organization to get connect with customers, proper analysis of competitors strategy,
evaluating customer views and opinion regarding company's offerings, etc.
 These can give proper understanding to the enterprise by obtaining accurate and reliable
information in order to highly utilize key findings in decision making.
 There are various methods of executing quantitative research which involves online
survey, personal interview, email , interpret study, phone, etc.

EXAMPLE
For instance- Organization can use the questionnaire to ask targeted audience regarding multiple
questions so that effectiveness of marketing technique can be assessed to achieve lacking areas
for making crucial improvement. The particular enterprise can ask the following questions:
What is house hold income per month?
 $100-200
 $ 200-350
 $350-500
 Above $500
Is the offered price with maintained quality is satisfying?
 Yes
 No

ROLE OF QUALITATIVE RESEARCH IN MODERN
MARKETING & DATA ANALYSIS AND GUIDE
DESIGN
 Qualitative Research can be used by firm in marketing for gaining the information
regarding the new launched and existing products
 It mainly focus on having information regarding the opinions, views and experience, etc. e
new launched and existing products.
 Organization for executing qualitative research which includes on call interview,
innovation research, focus group, etc so that detail information regarding lifestyle can be
achieved.
 It aids in getting distinct views which are crucial to consider for having modification in
marketing strategies in turn better outcome can be obtained (Tiwari Wee, and Daryanto,
2018).
 Guide design is basically online & collection based resources to help in conducting, using,
synthesizing different aspects to have proper insight.

CONTINUED…
There are different perspective which can aid the company to ask the following question through
referring pattern. It comprises target segment, question content, selecting right platform to
connect audience, etc.
What pricing strategy is adopted by competitors?
 Skimming
 Penetration
 Premium
 Economic
Is digital marketing helps to attract consumer effectively?
 Yes
 No

CORRELATION & REGRESSION AND ITS USES
Correlation
 It is the technique which is utilized to assess & measure the level to which two variables
are linearly related.
Example-

CONTINUED…

CONTINUED…
Regression
 This is utilized to utilize to determine strengths & character of relationship between one
dependent variable and series of independent elements.
Example-

CONTINUED…

TIMES SERIES EXAMPLE
 It is the series in which data points indexed is shown in the time order. This is basically
sequence of data points that obtain fro over some period of time in successive order.
 Time series provides assistance to various type of business to get the information regarding
the accurate proceeding so that accurate future based decision can be taken.

ISSUES OF ANALYSIS TECHNIQUES OF
TIME SERIES, REGRESSION AND
CORRELATION
 Modern business environment largely forces company to pay have significant decision
making so that continuous improvement can be exerted to derive success.
 There are various statistical tool like regression, correlation and time series which
contribute in getting relevant factors & trends that are prevailing.
 These mentioned tools can be utilized for various different purposes in order to formulate
decision in effectual manner.
 Each technique has certain challenges which need to be overcome by making effective
analysis and applying relevant steps to derive competitive advantages.

CONTINUED…
 There are various companies who has big data for taking crucial decision which become
expensive to store, analyses and interpret.
 These statistical tool of conducting data analysis is time-consuming and require larger
attention of company so that strategic decision can be made.
 Lack of understanding regarding regression, correlation and time series practices creates
hurdle in formulating decision which need to be improved.
 Big data can be properly utilized by these techniques which may formulate irrelevant
aspects to and create hurdle in organizational growth &development.

WAYS IN WHICH DATA CAN BE
GATHERED AND UTILIZED FOR
INFORMED BUSINESS DECISION
 There are various pattern which can be atken into consideration for making proper
collection of data (Henriksen Englander and Nordgaard, 2021).
 Once the data is properly collected chances of taking strategic decision with help of
effective analysis technique becomes possible.
 The most important method that can be used by organization for collecting data is
analyzing objectives and goals so that relevant extent of information with help of proper
strategy can become possible (Domede and Dinkelman, 2021).
 The main sources for gathering data includes primary and secondary which can be used in
mixture to have detailed information for getting depth insights.
 Strategic prior planning as well share in attaining different segment for using data
collection practices in most effectual pattern to have accomplish objective of business.

CONCLUSION
 From the above report it can be concluded that data in sights play crucial role in current
business environment so that strategic decision can be made.
 Current report has comprised role of quantitative research in marketing practices & data
analysis which involves ability to get facts & figure to take effective decision.
 Present report has given emphasis on qualitative type of research in marketing. In addition
to this, correlation, regression and time series are important tool which helps in attaining
various benefits.
 There are few challenges as well such a slack of understanding, time consuming, etc. data
collecting methods should be done by primary & secondary sources, historical reports, etc.

REFERENCES
Books and Journals
 Affonso, F., Dias, T.M.R. and Pinto, A.L., 2021. Financial Times Series Forecasting of Clustered Stocks. Mobile
Networks and Applications. 26(1). pp.256-265.
 Domede, A.B. and Dinkelman, A., 2021. Survey Forms for Data Collection: Key Considerations. In Global
Perspectives on Quality Assurance and Accreditation in Higher Education Institutions (pp. 171-188). IGI
Global.
 Gielens, K., 2021. Special issue on Data and Methodological Issues for New Insights in Global Marketing: A
Commentary. Journal of International Marketing. 29(3). pp.3-6.
 Henriksen, M.G., Englander, M. and Nordgaard, J., 2021. Methods of data collection in psychopathology: the
role of semi-structured, phenomenological interviews. Phenomenology and the Cognitive Sciences. pp.1-22.
 Pal, M. and Bharati, P., 2019. Introduction to correlation and linear regression analysis. In Applications of
Regression Techniques (pp. 1-18). Springer, Singapore.
 Stephens, M.A., 2017. Tests based on regression and correlation. In Goodness-of-fit techniques (pp. 195-234).
Routledge.
 Tiwari, S., Wee, H.M. and Daryanto, Y., 2018. Big data analytics in supply chain management between 2010
and 2016: Insights to industries. Computers & Industrial Engineering. 115. pp.319-330.