Roles of Quantitative and Qualitative Market Research in Business

DIBD

Introduction
• Roles of quantitative market research in business
• Importance of relevant questionnaire design
• Role of Qualitative research in Business
• Importance of discussion guide and use
• Correlation. Regression. And Time Series Analysis
• Limitations of Correlation, regression
• How to improve collecting Data (when the data is required to make
business decisions)

Correlation & Regression:
How & why it is used - with examples
Correlation
• Correlation is used to determine the relationship existing
between two or more variables. With the help of
correlation, the direction and strength of linear
relationship existing between two or more variables are
measured.
• How correlation is used can be explained through the following
example:
• The height and weight are the two variables. It is believed that taller
people are usually heavier. By collecting data of 30 people and
applying correlation technique, the results could be:
• Positive, which means increase in one variable causes increase in another
variables.
• Negative, which means increase in one variable causes decrease in another
variable.
Regression
• Regression is used to predict the value of dependent variable by
estimating the impact of independent variable over the
dependent variable. Also, this statistical technique is helpful in
examining the relationship between two or more variables.
• How regression is used can be explained through the following example:
• Again, if height and weight are the two variables where the former is
independent while the latter is dependent and the regression equation (y
= a + bx) obtained for the data of last five years pertaining to the height
and weight of an individual is (y = 80 + 2x). Here, Y is the dependent
variable (weight), x is the independent variable (height), 2 is the slope of
regression line and a is the constant value. Therefore, if the height is 70
inches, then the weight can be easily predicted through equation as
follows:
• Weight = 80 + 2 * 70 = 80 + 140 = 220.