Business Data Analysis: Quantitative and Qualitative Research Role

This report provides a detailed exploration of data insight, emphasizing the roles of quantitative and qualitative research in modern marketing research and data analysis. It discusses key concepts such as correlation, regression, and time series analysis, highlighting their practical applications in business decision-making. The report also critiques issues surrounding various analysis techniques and examines how big data is collected and utilized to improve decision-making processes. It further elaborates on data collection methods like surveys, interviews, and observations, underscoring their importance in formulating organizational policies and strategies. The conclusion emphasizes the significance of both qualitative and quantitative research in gathering market and customer-related information, ultimately guiding businesses in effective planning and strategic decision-making. Desklib offers additional resources and solved assignments for students.

Data insight

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
(Huebner and Moore., 2019 Along with that, it facilitates
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 research is considered as the powerful tool
that helps organisation to gain numerical information regarding
customers and other marketing aspects.

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, depth interview, observation, online forum and other research
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,
advertisement expenses and sales and other aspects that help business to perform
operations.

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
 There are various analysis techniques are used in
business such as regression analysis, factor analysis,
pest analysis, data mining, decision-making,
histogram, system analysis and others that help
business to analyse current situation and develop
effective decisions for developing planning and
strategies.

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
and measuring information on specific targeted variables in a
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