MG413 - Data Insights: Research Methods for Business Decision-Making

This presentation provides an overview of data insights in modern marketing research and data analysis, covering quantitative and qualitative research methods with examples of questionnaire and discussion guide design. It explains correlation and regression analysis, illustrating their use with examples, and discusses time series analysis and its applications. The presentation also addresses the challenges of applying these analysis techniques to big data and modern business decision-making, highlighting issues related to data collection and the effective use of data for informed business decisions. The document concludes by emphasizing the importance of data analysis for strategic decision-making and organizational effectiveness. Desklib provides solved assignments for students.

DATA INSIGHTS FOR
BUSINESS DECISIONS

TABLE OF CONTENTS
 INTRODUCTION
 ROLE OF QUANTITATIVE RESEARCH IN MODERN MARKETING RESEARCH WITH EMPHASIS ON QUESTIONNAIRE DESIGN
 ROLE OF QUANTITATIVE RESEARCH IN MODERN MARKETING RESEARCH AND DATA ANALYSIS WITH EXAMPLES
 EXPLAINING CORRELATION AND REGRESSION AND THEIR USE WITH EXAMPLES
 TIME SERIES AND ITS UTILIZATION ALONG WITH EXAMPLE
 THE ISSUES OF MENTIONED ANALYSIS TECHNIQUES IN REFERENCE TO BIG DATA AND MODERN BUSINESS DECISION-MAKING
 DATA COLLECTION EFFECTIVELY FOR MORE INFORMED BUSINESS DECISION
 CONCLUSION
 REFERENCES

INTRODUCTION
 Data insights is concerned with having the appropriate information by analysing the set of values in turn formulation
of the strategic decision become possible.
 In the current era, having effective data insights is crucial in turn attaining the greater performance by making
relevant decision via analysing major components can become possible.
 The current report will pay attention on providing the information regrading role of qualitative & quantitative research
in modern marketing research & data analysis with example.
 The current study will include correlation and regression and its usage along with example.
 It will pay attention on explaining time series and its utilization for example.
 The present report will give emphasis on providing information regarding issues surrounding the analysis techniques
with reference to Big Data and its use in modern business decision-making.
 The methods for the data collection n for having more informed decision will be involved in the recent study.

ROLE OF QUANTITATIVE RESEARCH IN MODERN
MARKETING RESEARCH WITH EMPHASIS ON
QUESTIONNAIRE DESIGN
 Quantitative research is the process of gathering the data by focusing on numerical figures so that
finding patterns can become possible.
 This is basically taken into the consideration for attaining the greater knowledge and understanding of
the social world.
 The main objective behind using the particular form of the research is to ensure that information can
be clearly communicated by using statistics and number.
 There are different form of the characteristics which are obtained by the particular research that
includes containing measurable variables, standardized presentation of data in tables & graphs, etc.
 In the modern marketing there is higher level of focus is provided on having the corrective form of
information which can provide assistance in understanding requirements of market in effectual
pattern.

CONTINUED
QUANTITATIVE
RESEARCH
Quasi experimental
quantitative design
Descriptive
research
Correlational
research
Experimental
research

CONTINUED
For example-
Which is one of the competitive advantage that is derived by using this particular brand?
 Pricing
 Quality
 Creativity
 Other
What is the factor that motivates you to continue with the offerings of the company?
 Higher brand image
 Lack of availability of substitute
 Greater awareness of products
 Other

ROLE OF QUALITATIVE RESEARCH IN MODERN
MARKETING RESEARCH AND DATA ANALYSIS
WITH EXAMPLES
 Qualitative research is concerned with using the method which aids in collecting and analyzing the
non-numerical data.
Boosting
improved
performance
Gaining
competitiveness
by declining cost,
Collecting
information,
Evaluating data,
Helping in
recognizing
lacking areas,
Predicting the
influence of
conducted action,

CONTINUED
The design of questions in the qualitative type of the research can be effectively exerted by paying attention on understanding
relevant structure
 What is the purpose of choosing this product as compared to other products?
 Easy & simple use
 Unique features
 Higher quality
All of the above
 Which is the lacking area that does not allow to meet your requirements?
 Pricing
 Short duration usage
 Ineffective problem solving
 Other

EXPLAINING CORRELATION AND
REGRESSION AND THEIR USE WITH
EXAMPLES
 Correlation is the statistical technique that is used for
describing the degree to which two variables move in
coordination with one another.
 There are different types of ways in which correlation is
found to be useful as it aids business to make relevant
prediction based on the prevailing data pattern.
 This is basically used by organization to get guidance
about its effectiveness of business processes, direction,
performance, etc so that actions for improved
management, better customer experience strategies,
optimized operations and many more.

CONTINUED
 Regression is related with having ability to
allow in determining the relationship between
dependent & independent variable.
 This can be understood by referring the
example as below which is taken into
consideration for calculation:

TIME SERIES AND ITS UTILIZATION
ALONG WITH EXAMPLE
 Time series is related with gathering of the observation of well-defined
data which is attained through repeating measurement over time.
 The particular method is basically taken into the process so that relevant
and reliable prediction for the particular subject matter can be exerted.
 The four components of the time series such as secular trend, seasonal
variation, cyclical fluctuation and irregular variation.
 It is used in pattern recognition, signal processing, weather forecasting,
etc in turn attaining the appropriate approach to have higher
effectiveness can be achieved.
 The time series is found to be largely useful as it provides the assistance
in having the better ability to make strategic decision

THE ISSUES OF MENTIONED ANALYSIS
TECHNIQUES IN REFERENCE TO BIG DATA
AND MODERN BUSINESS DECISION-MAKING
Correlation limitation
• Higher requirement of time
• Computation is difficult
• Level of quality work conducted
has influence on results deriving
• provides information about relation
not about cause & effect
• Inability to ascertain which factor
has major influence
Demerits of regression
• Non constant variance &
weighted least square
• Inappropriate capability to
ascertain missing data
• Excluding of crucial predictor
variables
• Extrapolation
• Missing data
• Inability to identify & eliminate
errors
• Presence of assumption regarding
linearity between dependent &
independent component
Issues of time series
• Contiguous observation
• Non involvement foreseeable
environment factors
• Problem in having reliable
understanding of measures
• Non clarity of usage of
presentation of data
• Higher consumption of cost