The others will all create a blog post which gives:
- Definitions for quantitative and qualitative data
- Definitions for Primary and Secondary Research
- The advantages and disadvantages to the main methods of primary and secondary research.
Homework - Due Wednesday Evening
You will then Evaluate the effectiveness of your own market research conducted so far and give recommendations as to how it could be improved or other methods you could use to improve your research overall to ensure the success of your business.
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ReplyDeleteBlogging Sundays:
ReplyDeleteWhat is quantitative data...
Quantitative data is data measured or identified on a numerical scale; therefore it can be analysed using statistics. From those statistics, graphs can be constructed, portraying the data. Quantitative continuous data is the result of measuring e.g. angles in triangles, how tall you are etc. An example of quantitative discrete data is how many cars per household. There is no intermediate value.
What is Qualitative data...
Where the data are explanations or opinions. Qualitative data consists of detailed answers with more quality.
Primary research is when you gather information yourself - ie surveys or clinical trials.
Secondary research is when you gather information from other sources - ie reports carried out by others.
Primary research is beneficial to business which want to create a new market and the data collected is tailored to their circumstances. A disadvantage would be that the data excludes a certain section of your target market and may be compromised due to silly answers.
Secondary research is very effective if you wish to study an already existent market. A disadvantage will be that the data may not be very reliable or may not concern you.
Our market research has been very good so far. within the space of one lesson we have created 2 questionnaires one for printing and handing out and one for emailing to people. this will help us get a maximum amount of replies in order to gain accurate information on our market. to improve we could think of other ways to research our market. we could use other peoples research as secondary research and we could also find more ways do primary research
ReplyDeleteMy market research that I posted on the blog was pretty detailed. I tried to add multiple advantages and disadvantages to give others a broader idea of the differences between primary and secondary research. The definitions I posted were clear and straight forward, however I think I could have maybe given examples of qualitative and quantitative data so it gave readers a better idea as to what it was and what it meant.
ReplyDeleteIn my own group we are going to produce a questionnaire because this way we can gather information quickly and effectively in a way that makes it more reliable. However this won’t give us enough detail that we need, so gathering a focus group together will help us get better information about what the people in our school personally think about our business product. I think we should backup this research by using some secondary market research.
We're using a questionnaire to asses the potential demand for our product/service. The advantages of doing this is that we can identify our target customers.This will help us understand who we need to promote our product to and establish the likely selling price and sale level. The disadvantages of this it's very time consuming! We're asking a range of people to ensure accurate results and we'll also get a greater amount of opinions. I think a questionnaire is a good way to gather people's views and opinions but we could also use other forms of primary research such as focus groups to allow us for more in depth answers from the customers perception on our product/service although people would say what the tester (our group) wants to hear to not seem rude. We could also use forms of secondary research to see how people in the past have responded to similar products and service.
ReplyDelete
ReplyDeleteQualitative Data: that approximates or characterizes but does not measure the attributes, characteristics, properties, etc., of a thing or phenomenon. Qualitative data describes whereas quantitative data defines. The number of people who like/dislike a product or idea, usually taken on a graph or chart.
Data that can be quantified and verified, and is amenable to statistical manipulation. Quantitative data defines whereas qualitative data describes.
Data that cannot be measured, such as advice (on how to improve a product) or praise for how well it's done.
Experiments, investigations, or tests carried out to acquire data first-hand,
Rather than being gathered from published sources.
Primary research: Experiments, investigations, or tests carried out to acquire data first-hand, rather than being gathered from published sources.
Secondary research: Primary data that was collected by someone else or for a purpose other than the current one.
Advantages and Disadvantages of quantitative and qualitative data.
Advantages of qualitative data: Qualitative research is useful during the early stages of a study when the researcher may be unsure of exactly what will be studied or what to focus on. This type of research does not need a strict design plan before it begins. This gives the researcher freedom to let the study unfold more naturally. Another advantage to qualitative research is the researcher gains more detailed and rich data in the form of comprehensive written descriptions or visual evidence, such as photographs. This type of research looks at context and social meaning and how it affects individuals, which is advantageous particularly in the social sciences.
Disadvantages of qualitative data: The researcher of a study using qualitative research is heavily involved in the process, which gives the researcher a subjective view of the study and its participants. The researcher interprets the research according to his or her own biased view, which skews the data gathered. Another disadvantage is that this research method is very time consuming and can last for months or even years.
Advantages of quantitative data: Quantitative research allows the researcher to measure and analyze data. The relationship between an independent and dependent variable is studied in detail. This is advantageous because the researcher is more objective about the findings of the research. Quantitative research can be used to test hypotheses in experiments because of its ability to measure data using statistics.
Disadvantages of quantitative data:
The main disadvantage of quantitative research is the context of the study or experiment is ignored. Quantitative research does not study things in a natural setting or discuss the meaning things have for different people as qualitative research does. Another disadvantage is that a large sample of the population must be studied; the larger the sample of people researched, the more statistically accurate the results will be.
Our market research has been going well. We made a questionnaire asking people about what they would want which would be classified as primary research. We will sum up our results and do our secondary research on the internet when we get back from the holidays or over the holidays to see what other people have done before we start our business. The advantages of these would be that we don't make the same mistakes as other groups or people who have done raffles. A disadvantage for the primary research (questionnaire) would be that it takes quite a lot of time to go around and ask people about their opinions and answers to the questions we have.
ReplyDeleteOur market research has been successful so far. We have done both primary and secondary research. Our primary research method is using a questionnaire that we created in class, and going out to ask students around the school of what they think of idea. Although we have the largest group, we are finding it a little bit hard going around the school as it can take quite a long time. Our secondary research method is going onto the internet and research what people think about the ideas we have. So far we have been having successful results with both primary and secondary research, but we still need a bit more time to finalise to carry them our and finalise our findings.
ReplyDeleteMy group has been having some difficulty because I and my group mates’ ideas were passionate in comparison to the groups in Mrs. Oates’s class, or so I believed, and probably hard to achieve, if even possible do to the restrictions of the school. Though so far we have made a questionnaire which also included the question of which of the various ideas of what product/service we were going to sell would our target market prefer? Based on our data we will test the product/service and see whether it is successful. My group also researched the internet but it has proven to be difficult because it comes up with irrelevant answers and rubbish information. In a sense it has been going rough for us because in a way we are taking a calculated risk, moving forward with a product/ service which does not have much chance of succeeding. But we have hope.
ReplyDeleteOur market research has been going well as we have conducted our primary research and secondary research. Our primary results gave very close results for two options, we used a questionnaire which we made in lesson , and then one of our team members went around the classrooms asking questions, we thought this was slightly unreliable but we did it and gained results. Our secondary research also went well but for some things we received more information or less but things on the internet are unreliable unless using a trusted source so we may have to verify things next time.
ReplyDeleteWe have finished our questionnaire, but not yet started to hand them out and therefore have no feedback. However, we have managed to make two types of questionnaires in one lesson; one is an online survey which we can send the link to people and the data that they enter is stored and put on a graph. We also have a hard copy to hand out on paper. This will hopefully give us a high amount of feedback.
ReplyDeleteTo improve, I think that we should not just focus on people in our school, but also E-Mail links to the survey to some friends in other schools and countries. This may give a range of results, as different societies have different preferences.
I think that our method is an efficient one, as it is a realistic achievement, unlike the targets of Hannan Badar's group. Also, we have given two types of surveys maximizing responses giving more accurate results.