Research Methods by Mourstin Idehen https://padlet.com/idehenm9048/koafbbbj39bq Unit 2 LO1.1 en-us 2018-09-21 08:40:00 UTC 2018-09-24 10:37:52 UTC hello@padlet.com Quantitive Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284266441 Quantitative research, in marketing, is a stimulating and highly educational technique to gather information from existing and potential customers using sampling research and sending out online surveys, nline polls, questionnaires etc., the results of which can be analyzed using statistical methods.]]> 2018-09-21 08:46:46 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284266441 Qualitative Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284267287 Qualitative research is a market research method that focuses on obtaining data through open-ended and conversational communication.]]> 2018-09-21 08:50:12 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284267287 Examples of Qualitative Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284267885  One-on-One Interview: Conducting in-depth interviews is one of the most common qualitative research methods. It is a personal interview that is carried out with one respondent at a time. This is purely a conversational method and invites opportunities to get details in depth from the respondent.]]> 2018-09-21 08:52:08 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284267885 Examples of Quantitive Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284270448 Survey Research:
Survey Research is a quantitative research method used to ask questions to a sample of respondents using sources such as online polls, surveys, questionnaires via Email, Social Media or embedding on a website. Every small and big organization intends to understand what their customers think about their products and services, how well are new features faring in the market and other such details.]]> 2018-09-21 09:00:05 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284270448 Primary Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284271631 Primary research is designed to meet your unique and specific needs. This fundamental research is conducted by you (if you're on a tight budget), or by a research firm that you hire for the project—usually a firm that comes recommended by a colleague. The research can include focus groups, surveys, interviews, and observations.]]> 2018-09-21 09:04:19 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284271631 Secondary Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284272078 Secondary market research is when you use previously completed studies and apply the results to your own situation. These studies are easy enough to find via an internet search or by researching marketing journals—and, on the upside, are usually free or low cost. The drawback for businesses is that the results are not specific to your business, and you may not be aware of all of the variables involved. The results may also be broader than your company's niche, making it difficult to help inform your business decisions.]]> 2018-09-21 09:06:05 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284272078 Pros & Cons of Primary Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284274897 Pros
+ Can aim questions directly at your research objective
+ Latest information from the marketplace
+ Can assess the psychology of the customer
Cons
– Expensive: £10,000+ per survey
– Risk of questionnaire and interviewer bias.
– Research findings may only be usable if comparable backdate exists.

]]> 2018-09-21 09:18:29 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284274897 Pros & Cons of Secondary Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284277618 Pros 
  • + Often obtained without cost
  • + Good overview of a market
  • + Usually based on actual sale figures, or research on large samples
Cons 
  • – Data may not be updated regularly
  • – Not tailored to your own needs
  • – Expensive to buy reports on many different marketplaces
]]> 2018-09-21 09:28:50 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284277618 Examples of Primary Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284281253 Online surveys: 
Once conducted with pen and paper, surveys have come a long way since then. Today, most researchers use online surveys to send it to respondents to gather information from them. Online surveys are convenient and can be sent on emails or can be filled out online. These can be accessed on handheld devices like smartphone, tablets, Ipads and similar devices.]]> 2018-09-21 09:42:50 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284281253 Examples of Secondary Examples idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284282088 Data available on the internet: One of the most popular ways of collecting secondary data is using the internet. Data is readily available on the internet and can be downloaded at the click of a button.]]> 2018-09-21 09:45:38 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284282088 Pros & Cons of Qualitative Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284283507 Pros:
Qualitative research allows one to explore topics in more depth and detail than quantitative research. Also, qualitative research is often less expensive than quantitative research, because you don’t need to recruit as many participants or use extensive methods. Another pro of qualitative research is that it offers flexibility as far as locations and timing because you don’t need to interview a large number of people at once.
Cons:
One major disadvantage of qualitative research is that it cannot quantify how many of your audience answer one way or another. This makes it extremely difficult to create any type of solid statistic. Another con is that you cannot generalize your findings. As opposed to quantitative surveys, qualitative research does not allow you to use your findings as a basis for a broader audience or the public in general.
]]> 2018-09-21 09:51:03 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284283507 Pros & Cons of Quantitive Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284285199 Pros:
  • Permits formulation of statistically sound hypotheses with no room for emotional design.
  • Probabilistic inference and prediction permits sound implementation and hence rigorous evaluation of quantitative hypotheses.
  • Enables evaluation of multiple datasets and hypotheses, faster and more accurately than any human brain could ever perform
  • Time-consuming manual implementations of ideas can be automated and hence performed exponentially faster.
Cons:

  • Requires constant (or periodic) monitoring of model performance to ensure continued compliance with original hypotheses -> which is time consuming.
  • Inadequate quality of training data used in model construction can lead to erroneous or even disastrous model performance on unseen data.
  • Requires a deep background in multiple complex disciplines that are hard to master for the average person - hence limited supply of Quants.
]]> 2018-09-21 09:57:48 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284285199 The Purpose of Research idehenm9048 https://padlet.com/idehenm9048/koafbbbj39bq/wish/284898728 The systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.]]> 2018-09-24 08:37:41 UTC https://padlet.com/idehenm9048/koafbbbj39bq/wish/284898728