MG413 Data Insights: Improving Data for Business Decision-Making

This presentation on MG413 Data Insights explores the roles of quantitative and qualitative research in modern marketing and data analysis. It covers questionnaire and discussion guide design with practical examples. The presentation explains correlation, regression, and time series analysis, highlighting their applications and challenges, particularly concerning big data and its impact on business decision-making. It also discusses methods for improving data collection and utilization to facilitate informed business strategies, drawing from course materials and relevant research.

MG413 DATA INSIGHTS

TABLE OF CONTENT
 Introduction
 Quantitative research
 Role of qualitative research
 Correlation and regression
 Time series
 Critique of issues
 Ways in which data can be improved
 Conclusion
 References

INTRODUCTION
 Data insights is concerned with getting deeper understanding of organization practices so
that evaluation of information on particular issue can be conducted.
 In the current era, data insights has major role in enabling organization to get competitive
advantages in order to overcome success hampering factors.
 Current report will give emphasis on role of quantitative & qualitative in modern marketing
research.
 Present case study will emphasize on what is correlation and regression along with its usage.
 Time series will be explained in current report along with examples.
 Issues regarding the analysis technique of big data and utilization in modern business
decision-making.
 The methods of data collection for using in business decision-making will be included in
present report.

ROLE OF QUANTITATIVE RESEARCH IN MODERN
MARKETING RESEARCH & DATA ANALYSIS
 Quantitative research is associated with collecting & evaluating numerical data so that
appropriate knowledge for creating pattern of knowledge can be derived.
 The main aim of conducting Quantitative Research (QR) is to achieve information regarding
facts & figures for the purpose of implementing strategic decision (Gielens, 2021).
 Marketing research is the process of determining viability of new service & existing
products so that experience of potential customers can be derived.
 QR is highly utilized by various companies irrespective of their scale of operations.

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 Helps organization to get connect with customers, proper analysis of competitors strategy,
evaluating customer views and opinion regarding company's offerings, etc.
 These can give proper understanding to the enterprise by obtaining accurate and reliable
information in order to highly utilize key findings in decision making.
 There are various methods of executing quantitative research which involves online
survey, personal interview, email , interpret study, phone, etc.

EXAMPLE
For instance- Organization can use the questionnaire to ask targeted audience regarding multiple
questions so that effectiveness of marketing technique can be assessed to achieve lacking areas
for making crucial improvement. The particular enterprise can ask the following questions:
What is house hold income per month?
 $100-200
 $ 200-350
 $350-500
 Above $500
Is the offered price with maintained quality is satisfying?
 Yes
 No

ROLE OF QUALITATIVE RESEARCH IN MODERN
MARKETING & DATA ANALYSIS AND GUIDE
DESIGN
 Qualitative Research can be used by firm in marketing for gaining the information
regarding the new launched and existing products
 It mainly focus on having information regarding the opinions, views and experience, etc. e
new launched and existing products.
 Organization for executing qualitative research which includes on call interview,
innovation research, focus group, etc so that detail information regarding lifestyle can be
achieved.
 It aids in getting distinct views which are crucial to consider for having modification in
marketing strategies in turn better outcome can be obtained (Tiwari Wee, and Daryanto,
2018).
 Guide design is basically online & collection based resources to help in conducting, using,
synthesizing different aspects to have proper insight.

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There are different perspective which can aid the company to ask the following question through
referring pattern. It comprises target segment, question content, selecting right platform to
connect audience, etc.
What pricing strategy is adopted by competitors?
 Skimming
 Penetration
 Premium
 Economic
Is digital marketing helps to attract consumer effectively?
 Yes
 No

CORRELATION & REGRESSION AND ITS USES
Correlation
 It is the technique which is utilized to assess & measure the level to which two variables
are linearly related.
Example-

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Regression
 This is utilized to utilize to determine strengths & character of relationship between one
dependent variable and series of independent elements.
Example-

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