Role of Quantitative and Qualitative Research in Marketing Analysis and Data Insight
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This article discusses the importance of quantitative and qualitative research in marketing analysis and data insight. It explains correlation, regression, and time series analysis techniques and their use in data analysis. The article also critiques these techniques in the context of big data decision making.
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Table of Contents What is the role of quantitative research in modern marketing research and data analysis........1 What is the role of qualitative research in modern marketing research and data analysis..........1 Set out what correlation and regression is and how it is used.....................................................1 Set out what time series is and how it is used.............................................................................1 Provide a critique of issues surrounding the analysis techniques in 3 and 4, with specific reference to Big Data and its use in modern business decision making.....................................2 References:.......................................................................................................................................3
What is the role of quantitative research in modern marketing research and data analysis Quantitative research data are those information which consist of having numerical data or which can be analysed by using charts or graphs(Hussain and Ahmed, 2018). It is very essential to use this type of research in marketing analysis as it will provide appropriate outcome about the collected information. When qualitative data is used in reports then the information becomes much easier to understand by reader. What is the role of qualitative research in modern marketing research and data analysis Qualitative research are those research which are done to analyse the behaviour of a individual or a group of individuals. This type of research does not include numerical data. The outcome of this research has no appropriate proof because it is the prediction of researcher. This type of research plays an important role for those researches which are based on literature or any other subject or topic which is not related to numerical data. Set out what correlation and regression is and how it is used Correlation is a type of research where researcher analyse the relationship between two or more variables used within a study. It help to analyse how these variables impact each other and which variable has more power to influence another variable(Akoum and et. al., 2019). Regression is a technique which help to analyse dependant and independent variable of study and further help to analyse relationship between a dependant variable upon one or more independent variable. Set out what time series is and how it is used Time series is basically a concept to assign the sequence of time to the data points that has been occurred in the successive order over several period of time. This thing that cab be contrasted or opposed with the point in time. For setting out the time of series there is no minimum or maximum amount of the time that should be involved or used, thus, giving permission of the data to be gathered. The time series is basically the data set that has ability to track the sample over the time. Time series is used to predict the future values on the basis of the observed values(Huebner and Moore, 2019). 1
Provide a critique of issues surrounding the analysis techniques in 3 and 4, with specific reference to Big Data and its use in modern business decision making As per the critical analysis of the time series model it is analysed that it not a systematic approach for the analysis of the Big Data in the modern business world where everything is operated through Big data technology. As through there can be error and difficulty in verifying or setting out the time scale for the large scale information like Big Data. The correlation and regression are the effective techniques of analysis but in the modern world decision making on the basis of large size big data the technique are its on limitation and critiques(Triguero and et. al., 2019). In this the independent variable of the big data does not interact and provide the incorrect decision making. 2
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References: Books and Journals Hussain, M. and Ahmed, N., 2018. Reservoir geomechanics parameters estimation using well logs and seismic reflection data: insight from Sinjhoro Field, Lower Indus Basin, Pakistan.Arabian Journal for Science and Engineering,43(7), pp.3699-3715. Akoum, M and et. al., 2019, November. Big Data Insight towards Well planning, A case study. InAbu Dhabi International Petroleum Exhibition & Conference. OnePetro. 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). Triguero, I and et. al., 2019. Transforming big data into smart data: An insight on the use of the k‐nearest neighbors algorithm to obtain quality data.Wiley Interdisciplinary Reviews: Data Mining and Knowledge Discovery,9(2), p.e1289. 3