The Role of Quantitative and Qualitative Research in Business Data

This report delves into the roles of quantitative and qualitative research methodologies within the context of modern business. It defines and differentiates between quantitative research, which focuses on numerical data and statistical analysis to understand behaviors and attitudes, and qualitative research, which employs descriptive and non-numerical data rooted in social sciences to gain in-depth insights. The report also examines correlation and regression techniques, highlighting their utility in determining relationships between variables, as well as time series analysis for identifying trends in economic environments. It critiques the challenges associated with these techniques, such as dealing with raw data and the limitations of predicting future events based solely on past data. Ultimately, the report concludes that both qualitative and quantitative methods are vital for enhancing business decision-making by providing a comprehensive understanding of collected data.

Data insights

Table of Content
Introduction
The functions of quantitative research in modern marketing
research and data analysis.
The functions of qualitative research in modern marketing
research and data analysis.
Correlation and regression and how it is utilisedTime series
How data can be gathered & utilized to make informed
business decisions.
Conclusion
Reference

INTRODUCTION
The main purpose of this report is to understand the
several objectives of data research procedures in a
advance business. There are two type of research
methods are analyzed which are qualitative research
and quantitative research. This report include various
types of qualitative and quantitative research methods
along with its importance.

The functions of quantitative research in
modern marketing research and data
analysis
Definition of Quantitative research: Quantitative
research is a type of method or technique that is
used by researcher to investigate people’s
attitude and behaviours based on statistical and
numerical information. Investigators collect
large number of data by sampling peoples by
various type of surveys.

Questionnaire

The functions of qualitative research in
modern marketing research and data
analysis
Qualitative research is based in the principles of
social sciences such as psychology, sociology
and anthropology. Qualitative research include
data in descriptive form, non numerical form. It
is used to collect in-depth study into a problem
or create new thought for research.

Questionnaire

Correlation and regression and how
it is utilised
 Correlation: it is a statistical standard that
expresses the level that two variables are
transform at a constant rate. It determine the
relation between variables with the help of
equation that available by the liner regression.
 Uses: Correlation is used to analyse the
capability and direction of liner relationship
among two or more than two variables. It is
used to notice the multiplicity of the inter
related variables.

Time series
Time series is a group of observations settled in
chronological manner. The aim behind using time series is to
identify , interpret, and measure the changes in economic
environment in expect of more accurately applying the
course of future activities.
Uses: Time series are used to understand the ups and downs
in economy and business-environment. It also help in the
assessment of present achievement..

Critique of problems surrounding the
analysis techniques:
Correlation and regression plays important role in
business decision-making. There are various
problems that are faced by businessman while
considering these techniques. Big data is a tool to
analyse, summaries the different types of data sets.
This help firm to create budgets and prediction in
order to maximise growth. Collected data is in raw
form and it is a big problem.

Critique of problems surrounding the
analysis techniques:
Time series is a very difficult process which
does not give accurate assumptions related to
future. Company can predict future with the
past data, they not consider future activities
and there is a huge chance to move company
towards failures. Time series are mainly use to
make assumption that is based upon future
events so they are not always right.

Conclusion
The investigation of qualitative and quantitative techniques
plays vital role in modern business studies. There techniques
provide better understanding about the collected data.
Qualitative techniques provide in-depth knowledge about
specific data on the other hand quantitative data provide
accurate data and results. Both the techniques help to
enhance the business decision making of a organisation.