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Final MG413 CW2

This document discusses various quantitative and qualitative research methods used in modern marketing and data analysis, including: 1) Quantitative research techniques like surveys, questionnaires, and statistical analysis to understand consumer attitudes, behaviors, market size, and product decisions. 2) Qualitative research techniques like focus groups and interviews to provide comprehensive insights into underlying attitudes and perceptions. 3) How correlation, regression, and time series analysis are used to understand relationships between variables and predict outcomes. 4) Issues that can arise with these analytical methods if not applied properly, as well as how businesses can leverage big data from various sources to make informed decisions.

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718 views19 pages

Final MG413 CW2

This document discusses various quantitative and qualitative research methods used in modern marketing and data analysis, including: 1) Quantitative research techniques like surveys, questionnaires, and statistical analysis to understand consumer attitudes, behaviors, market size, and product decisions. 2) Qualitative research techniques like focus groups and interviews to provide comprehensive insights into underlying attitudes and perceptions. 3) How correlation, regression, and time series analysis are used to understand relationships between variables and predict outcomes. 4) Issues that can arise with these analytical methods if not applied properly, as well as how businesses can leverage big data from various sources to make informed decisions.

Uploaded by

tahira
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MG413: Data insights

CW2-PRESENTATION
1. Quantitative research usage in modern marketing
research as well as data analysis

The process of gathering vast quantities of data via surveys, questionnaires, as well as polling techniques.

 Use data collection techniques and statistical analysis (Goertzen, 2017).

 It also used to estimate the

 Consumer attitudes as well as behaviours

  size of the market

 brand recall segmentation as well as identification of drivers

 Product buying decisions

 Validation of hypotheses
Continued…

Many company's essential issues may be answered using quantitative market research, such as:

 Would there be a market for your goods and services?


 What level of public awareness do you have for your service or product?
 What is the number of individuals that are interested in purchasing your goods or service?
 What kind of clients do you have the most of?
 What are their purchasing patterns?
 What are the evolving requirements of your target market?
Questionnaire design

 Consumer surveys as well as questionnaires are common components of quantitative market research.

 Conducted via in person, over the phone, by email, digitally, or through a website.

 Such that the findings offer useful information, survey questions must be carefully selected.

 A structured questionnaire's responses are typically closed-ended (Siniscalco & Auriat, 2005). 
Questionnaire Example

How frequently do you purchase plants as well as gardening supplies? a garden


shop proprietor may inquire. Participants might be given five choices to choose
from:
never
once a year
two to three times a year
once a month
every week
2. Qualitative research usage in modern marketing
research as well as data analysis

 Offers comprehensive, insightful, as well as descriptive data instead of statistical and


predictive data (Petrescu & Lauer, 2017).

 Aims to uncover the underlying attitudes, perceptions, as well as emotions leading to make
informed decisions making

 In marketing, qualitative research may be used to analyze fresh ideas and goods
Example

For example, Assessing a customer's behavioural


response, body language, or vocal tone while viewing
an advertising or product package
Discussion guide design and use

 Focus groups as well as thorough interviews are the most common qualitative research
techniques utilized.

 In depth interviews are conducted in a natural, conversational manner, allowing


respondents to freely express themselves.

 Focus groups, on the other hand, are discussions among eight to ten individuals wherein
the researcher poses a series of questions to the participants
3. Correlation and Regression

 Correlation analysis is a statistical metric that evaluates


whether two variables are related or not. For instance, a
dependent as well as independent variable, or a relationship
between two independent variables (Crawford, 2006).

 The term "regression" refers to the mathematical process of


relating an independent variable to a dependent one
(Crawford, 2006).
Correlations Examples:

Positive correlation: Height and weight

Negative correlation: Height over sea level as well as temperature

Zero correlation: No link between the quantity of tea consumed and


IQ
Regression examples

A connection between how much elders eat and how much they weigh?
How correlation and regression is used?

Correlation Regression

To describe a linear relationship among


To build a equation to build a key response
two variables
4. Time series

 A collection of data sets which appear in a certain order over a period of time.

 Time series are made up of four parts:

 The phrase "secular trend" refers to a movement along the term's length.

 Seasonal variations, which correspond to periodical but not seasonal variations

 Cyclical fluctuations, which correlate to periodic but not seasonal variants

 Other non - random causes of series variations include irregular variations.


How time series is used?

The time series analysis is used for predicting 


 Information about the weather
 Measurements of rainfall
 Temperature measurements
 Monitoring of the heart rate (EKG)
 Monitoring of the brain (EEG)
 Sales are reported every quarter.
 Prices of stocks
 Stock trading that is automated
 Forecasts for the industry
 Rates of interest
5. Critique of issues with correlation. Regression
and time series

Issues in time series Issues in correlation and regression


 Issues with generalization from a single research  Just linear connections are taken into account
 Trouble collecting suitable measurements  Outliers are not tolerated by r and least squares
regression.
 Difficulties determining the right model to
describe the data.  Chances of additional factors than x that affect the
response variable but are not investigated.
 The presence of a high correlation does not indicate
the existence of a cause-and-effect connection.
 Extrapolation is risky.
Big Data and its use in modern business decision
making

 Assist steer company processes, direction, as well as performance in the right direction, resulting in better
management, customer experience strategies, and operations.

 Pave the way for contemporary approaches to corporate success.

 Data mining is the process of converting large amounts of unstructured data into usable information.

 Businesses may learn more about their consumers by using software to search for trends in huge quantities of
data
6. Ways to collect data for making informed
decision making

While each company will use different data streams, a few other common sources involve (Fu, 2011)
 Internet clickstream data
 Web server logs, cloud platforms
 Smartphone apps
 Social media posts
 Messages from emails and survey responses
 Cellphone records
 Machine data captured by internet of things sensors (IoT).
Continued…

 Businesses may use data to better anticipate demand and manage the deployment of people and resources

 In business, correlation and regression analysis are used to anticipate possible outcomes

 Big Data is a great source of information that businesses can utilize to make educated decisions

 Big Data Analytics is the technology that enables companies to take use of Big Data's potential.
 References

 Crawford, S. L. (2006). Correlation and regression. Circulation, 114(19), 2083-2088.

 Fu, T.-c. (2011). A review on time series data mining. Engineering Applications of Artificial Intelligence, 24(1),
164-181.

 Goertzen, M. J. (2017). Introduction to quantitative research and data. Library Technology Reports, 53(4), 12-18.

 Petrescu, M., & Lauer, B. (2017). Qualitative marketing research: The state of journal publications. The
Qualitative Report, 22(9), 2248-2287.

 Siniscalco, M. T., & Auriat, N. (2005). Questionnaire design. Quantitative research methods in educational
planning, 8.

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