Overview Of Research Methodology

The Overview Of Research Methodology

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Quantitative Market Research

Quantitative market research is the most commonly used market research tool by all kinds of business organizations across all segments and sizes. It is a meticulous first hand and infact a direct evaluation procedure that uses statistical, mathematical or computational methods of collecting and evaluating. If market research is mechanism of marketing analysis quantitative analysis is the most efficient tool and integral routine of market analysis that helps marketers draw :

  • Inferences about the market and decide on :
    • Establishment of a marketing plan
    • Conducting SWOT analysis
    • Developing and designing product
    • Brand and price pitching

In literal sense this technique is all about assessing targeted market size, market share, market penetration and installed capacity and the potential (expansion rates). This method is also used to study the :

  • Consumer attitude
  • Creating consumer awareness
  • Market trends
  • Consumer satisfaction trends
  • Brand following
  • Competition presences and its impact etc. via
    • Analyzing consumer adaptability factor to those products
    • Acceptance of price range and quality factors of competition’s merchandise

Use of this tool involves an expansive exercise that involves several people and tools. The initiation of this process requires defining of scope and requirements of the activity that should meticulously take care of expanse and the depth of the territory and domain to be analyzed. Accomplishing this step can :

  • Help in establishing and selecting sample premise and size that must be used as the base of all activity
  • Help in implementing segment evaluation
  • Make this powerful tool more effective and objective and eliminate accumulation of irrelevant and disconnected data
  • Ensure timely implementation of all connected activities and monitor adherence to optimum use of marketing budgets
  • Address and hit the right key areas of the evaluation by targeting targeted audiences and market segments

Quantitative method involves using various online and physical methods of collecting inputs i.e.

Maximize Business Profits

In the quantitative analysis and study profit maximization or maximizing business profits is achieved using various analytical tools such as :

  • Business Research Design
  • Chi Square Test Methods Analysis
  • Conjoint Analysis

With information technology storming every aspect of business organization, analytical tools have also been adapted online to enable an easy access to various resources. This has enabled creating environment for identification of various influencing factors that influence profitability of business and help establishing and a more objective analysis procedure that can clearly find out various areas where substantial improvements can be introduced to lower the cost factors and raise the difference between revenues and costs to raise the profit bar.

Quantitative research tool of Profit maximization investigation uses a rich mix of three analytical tools of chi square test, conjoint and business design study to achieve desired objectives. Chi- Square test analysis different areas of business and markets and derives results in form of interpretation of areas and requirements i.e. where the business organization needs to improve in terms of internal product assessment and production and external market and consumer visibility to increase opportunities for raising revenues externally and reducing the accruing costs internally.

The areas identified through Chi Square tests are correlated with the results generated by conjoint evaluation which ranks the priorities of consumers and the market in terms of analysis of product attributes and features. This method helps a company to simulate a market environment through a thorough, “what if” analysis.

In the final step of this quantitative analysis Business research design is taken up and the product and services features are designed and adapted to suit the desired parameters of a targeted market segment.

Conjoint Analysis

Conjoint analysis technique is an integral part of quantitative analysis used very often in the market research. This analysis itenary tries to evaluate preferences of consumers and the general public through an exercise that involves stimulating respondents to :

  • Rank
  • Rate
  • Choose from given alternatives

The evaluation process tries to extract inferences about how people rank their preferences for different attributes that constitute a product or a service. This technique can also be attributed as discreet or multiple choice analysis or prefixed priority evaluation which forms an ingredient of a broader set of analytical tools used in meticulous assessment of choices indicated by respondents.

Conjoint analysis method was developed as an ingredient of linear programming (LINMAP) to reveal the preferences of targeted consumer segment in an explicit and self explanatory manner using a present series of trade-offs.

The goals of this method of investigation and study include analyzing set of combinations of a limited number of ingredients and features that influence choice and decision of respondents, who are in the targeted group of the analysis. In this method a series of potential features of products or service are presented to the targeted audience and they are allowed to make free willed choice. The collected data on the preferences is then evaluated through implicit evaluation of individual attributes and factors chosen and indicated by the respondents. This exercise is of immense value and relevance when it comes to creating market models and specimen to evaluate market share, product positioning, turnover and profit attribute of a new introduction.

To make conjoint analysis effective and improve its forecasting capabilities the objectives sought from the study and evaluation must be clearly defined and research participants must be grouped into homogeneous segments based on study goals, values and or other influencing attributes.

In recent years probability evaluation using Bayesian analysis method has become more common which has actually enabled development and presentation of more robust statistical manifestations of gigantic and powerful models of assessing individual response behavior.

Chi Square Test Methods Analysis

Chi-Square is a statistical analysis tool that is used to investigate and evaluate variations and contrast with help of explicit variables. This tool is most commonly employed in 2 conditions :

  • For gauging and comparing the similarity and deviations between the practical observations (inputs) and the envisaged expectations (forecasts) i.e. “Goodness of Fit” Test.
  • For gauging homogeneity and heterogeneity of 2 variables (under study) from each other.

The data that has been compiled (from numerous respondents in different targeted segments) from surveys and other corresponding sources is analyzed using this chi-square test for example one might have compiled a database on preferences of number of men and women for brand awareness regarding health and beauty products. In this case the variables to be analyzed ‘sex’ and ‘brand awareness’. Both of these are explicit variables as the people involved are classified into common explicit groups or classes. In this kind of analysis involving chi – square in which each variable has 2 levels i.e.

  • ‘Sex’ has ‘ Male’ and ‘Female’
  • ‘Brand awareness’ has ‘buys specific brand’ and ‘buys any brand’

Chi –Square investigation involves asking similar questions to 2 different segments i.e. male and female and deciding about the homogeneity factor to establish the fact whether brand awareness among Females and Males are at same level or indicate a noticeable difference.

Parameters that influence use of Chi-Square technique

  • The samples and data to be derived must be independent and random for each targeted segment and that targeted population from which a specific segment is targeted must be atleast 10 times larger than the segment being investigated .
  • Data collected must compulsorily be in numerical form i.e. countable and in cases where the data derived is form of percentages, it must be easily interpretable in frequencies .
  • The variable being examined must be explicit.
  • All variables must atleast 5 or higher and if they are they must be in condition of being regrouped.

Business Research Design

Business Research Design constitutes an exercise that defines planning and structure of investigation to explore and address issues concerned with various premise and areas of business. The research and exploration process can enumerated as an activity that involves compiling, evaluating and interpreting the data. The process is aimed assisting the business owners and marketers in deciding on distribution and channelizing available resources into vital and critical venues and areas of business.

There are numerous descriptions and prescriptions on this subject but all the diverse definitions and perceptions lead to innovating and establishing a mechanism that can assist in making improvements in procedures and improvise on available resources.

The research designing process includes experimenting, interviewing, observing and analyzing the available data, simulating each individual aspect and or combination of all factors that impact and influence business. To design an efficient model of business research design it is vital to address certain issues about the premise of analysis i.e.

  • Defining :
    • The set-up and framework of research activity and choosing process nature of evaluation and techniques and strategy of data collection?
    • Intensity of study to be undertaken for small and large sample i.e.
  • Deciding between the qualitative and quantitative techniques
  • deciding whether an indepth analysis is required for a small sample premise or a moderate evaluation for larger group
  • Procedure of recording inputs and presenting implications of final interpretations
  • Establishing procedure to resolve hurdles in research process

The overall perception and the unique looking processes in a business can be bought within a single premise and simple structure and similar strategy can be devised for resolving comprehensively diverse looking problems and issues using some of the of popular methods of business design research i.e. :

  • Exploratory
  • Descriptive
  • Causal

The choice of method is always based on the

  • Depth and extent of objective that are being pursued by the business owners and managers
  • The indepth knowledge of issues and hurdles being faced 
    The basic target of the whole expansive exercise is deriving hypothesis from the collected and compiled inputs and a true and valid interpretation of the data that addresses the questions and queries set forth before the designing the research started.

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