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A comprehensive guide explaining quantitative research methodology, its background, key elements, objectives, approaches, and implementation in market research.
Quantitative research is a strategy that uses quantifiable data to uncover marketing patterns and articulate facts. It comprises performing statistical, mathematical, and computational techniques for the collection and analysis of data. You can quantify attitudes, opinions, behaviors- basically any defined variable, with logic and objectivity. Data collection happens through sampling methods. This data may be represented in numerical forms or usable statistics. The process is central to quantitative research as it explains the fundamental connection between the empirical and mathematical expression of quantitative relationships. Quantitative data collection methods are structured and close-ended and hence are popularly used in market research for conclusive and unassailable results.
Quantitative research is a successful method to answer questions based on long-term patterns of change. Assembling substantial amounts of countable and numeric data and organizing it into tab data matrices for statistical analysis giving great results. Initially, the focus was on the history of social structure, economic growth, and change trends, or the patterns and records of intergenerational social mobility and living standards. Recently, the usage has proliferated. Studying more versatile fields became possible. This was an explosive growth in the data sets informing quantitative research.By the 1940s, there were rules and procedures for collecting quantitative data for intricate tabulation and analysis. Social scientists set conventions: methods such as the fixed-format data matrix, the classification of variables into the nominal, ordinal, interval, and ratio variables, the organization of questionnaires and survey forms to facilitate conversion to punch-cards for analysis, and coding systems such as the Likert scale. Today, we have a method of research that is efficacious in market research of this time and age.
Market researchers who use quantitative research methods typically look to quantify and accentuate objective measurements through polls, questionnaires, surveys, or by manipulating existing statistical data by using computational techniques. When we get to the intricacies of how to go about quantitative research in the market world, these key elements will determine the success of your study.
There should be a clear-cut idea as to how to go about the research with a specific goal and plan of action. This also ensures smooth execution and minimization of wastage of time and resources.
Quantitative research best suits a large number of audiences to ensure reliability. The sample size in quantitative research represents the whole target market so as to be as accurate and objective as possible.
Research methods are highly structured such as questionnaires, polls, and surveys to increase the scope for profound factual insight into the study.
Close-ended questions are effective as responses to them have more accuracy and precision comparatively. Responses to open-ended questions are more detailed and scattered. It requires skill, time, and effort to dissect them. This is why close-ended questions are more reliable and feasible. The answers to the research questions should also be in numerical form to derive meticulous conclusions.
The outcome of quantitative research methods needs to be highly reliable, easy to convey and explain. Many scholars and researchers study and analyze the outcome of previous research to establish their hypothesis. Data from one research purpose may be subject to a prior study of another research problem. This reduces the expense and time for conducting research on related studies freshly.
Quantitative research methods are apt for descriptive, correlational, and experimental research:
Descriptive research: This research attempts to describe the current status of an identified variable. These research projects are appropriate for systematic information about a phenomenon. The researchers usually do not begin with a hypothesis, but will likely collect data and develop one. The analysis and of the data decides the flow and structure of the hypothesis.
This method attempts to determine a relationship between two or more variables using statistical forms of data. Here, relationships among a pattern of facts are sought after and then interpreted. This type of research will recognize trends in data, does not go so far in its analysis to prove causes for the observations.
Causal-comparative research or quasi-experimental research attempts to establish cause and effect relationships among variables. An independent variable is identified but not manipulated by the experimenter. The effects of the independent on the dependent variable go through the analysis. The researcher only uses groups for research that are naturally formed or are already pre-existing, to ensure a variable untainted by manipulation.
True experimentation uses the scientific method to establish the cause-effect relationship among a group of variables that make up a study. A true experiment is a study where an effort is made to identify and impose control over all the other variables except one. An independent variable helps determine the effects on the dependent variables.
Multiple techniques of statistical research are vital in conducting quantitative market research. Some of the most common and widely used forms are:
Close-ended questions form an integral part of these surveys as they are more efficient when collecting quantitative data. Surveys are integral in collecting feedback from an audience larger than the conventional size. A critical factor about surveys is that the responses collected should be in a form that can be generalized to the whole population without major discrepancies. Quantitative market research has two major methods of conducting surveys:
Traditionally face-to-face interviews, but more recent studies happen online. Quantitative interviews are intricately structured and play a key role in collecting data. Here, there are two major types:
Self-reporting data is not trustworthy. People when given the liberty to respond to a survey might not give accurate responses for a variety of reasons such as skepticism of how much data they should be giving out. Hence, if the responses are incorrect and random, it invalidates the results of the data analysis.
These marketing research methods are best for gathering opinions and perspectives on a certain product and deriving results for data-oriented decision-making. When there's a new product launch or upgrade, quantitative market research is apt to know how the target audience will react and gather feelers on the adaptability of the product. Moreover, quantitative methods are a crucial part of market research for their structured and objective approach to collecting and analyzing data.
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