Exploring Data Insight: Quantitative and Qualitative Research Methods

This report provides an overview of data insight in business, focusing on the roles of quantitative and qualitative research in modern marketing research and data analysis. It covers concepts like correlation, regression, and time series analysis, highlighting their uses in business decision-making. The report critiques issues surrounding analysis techniques and explores how data is collected and used to make informed business decisions, including the use of big data. It concludes by emphasizing the importance of research methods and data collection in gaining market and customer-related information for effective planning and decision-making.

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 based upon developing understanding about
individual and organization which is gained through
analysing information upon particular issue. This makes
organization effective within decision making helping in
growth of business with its development. Further it facilitates
organizations in relation to effective marketing, conducting
efficient operations for providing customer services and
reducing risk within business.

Role of quantitative research in modern marketing
research and data analysis
 Quantitative research: Qualitative research means the process
which is based upon collecting and analysing numerical data. This
is used by an organization in order to find out patterns which tends
to provide general results and make predictions regarding it.
 Quantitative market research: It relates as powerful tool which
helps organization for gaining numerical information related to
customers and other perspectives of marketing.

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: The research has been defined as an
open end question that is related upon market research methods
which requires to be focus, depth interview, observation, online
marketing research with data analysis process helping upon
gaining data with customers 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
 This helps business to maintain relation over two variables like price and demand, advertisement
expenses and sales with various other aspects helping in performing business operations.
 Correlation helps upon understanding about degree of relationship that is used with effective
planning and forecasting future with growth and development.
 Correlation helps business to take effective decisions in business through reducing range of
uncertainties and all decisions based on correlation more reliable and closer of reality.

Continuous
 . Regression has helped business for making analysis done upon relationship with
market and demand of goods with consumer income through effective decision.
 Regression is related over researcher which have some reasonable grounds helping in
assuming variables more effectively.
 This makes business analyze about change with value that is based upon effective
value with other independent to develop consistancy.

Concept of time series and its use
Time searies over business analysis is based upon seasonal variation, trend
variation ad cyclic variation helping business in taking effective decision in
appropriate way.
 It is helpful for business as it makes determination possible with good
model and objective in order to forecast business with sales, turnover,
customer base and other aspects during specific period of time.
 It has been used over analysing non-stationary data which makes changes
done over time in effective way.

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.

Continue
 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.
 Big data help business to find out various new opportunities through developing
effective planning and strategy.
 It is used in business to collect customer feedbacks and provide them products
accordingly that retain them with organisation.