Question

Many marketing researchers have their favorite research approaches or techniques, although different researchers often have different preferences. Some researchers maintain that the only way to really learn about consumers or brands is through in-depth, qualitative research. Others contend that the only legitimate and defensible form of marketing research involves quantitative measures. List the question first and then answer each question (copy and paste). The next question, list the question and then answer it. This is the correct format to answer the below questions. Co-mingling your discussions is incorrect in completing the assignment. Assignment not following the guidance; points can be deducted for not doing so. What is the best type of marketing research? Your answer goes here What is your position on the pros and cons of qualitative vs quantitative marketing research. Your answer goes here Is one more effective than the other? Why? Are they both needed? Why? Your answer goes here Identify two companies that use social responsibility to create value for customers. Your answer goes here

Answer 1

Sol:

1. What is the best type of marketing research?

Ans: Mainly two types of reasearch are conducted:

Primary research - this is research that the organisation carries out on its own initiative and is usually done because the answer to the issue/problem cannot be found from existing sources.
The positives are that it gives you the answers you want and no other organisation has the same information. The negatives are that it can be costly and often takes time to gather the data and understand them.

Secondary research - this is when the organisation trawls through what is already available to find out what information is out there already. This can be on-line or off-line surveys or focus group or interviews.

The advantages are that it tends to be relatively cheap and quick to obtain. The disadvantages are that the data may be old and out-of-date and they may not answer the questions in the way you want them answered.

Ironically, you carry out Secondary research before you carry out Primary.

The best type of marketing research depends on what decisions you are trying to make.

To generate new product ideas, get feedback on particular features or marketing activities, or to identify customer needs use qualitative research. Interviews and focus groups are a common forms of qualitative research. The result is unstructured data that can be difficult to analyze.

If you need hard facts and statistics on market size, feature sets, and pricing use quantitative research. This requires surveying a large representative sample of your audience. Online surveys are the most cost effective way to conduct quantitative research. questionnaires is used to draw conclusions.

It is common to start with qualitative research, get a feel for the important issues, and then conduct quantitative research to determine details and define the opportunity.

It is too easy to conduct elaborate research studies and end up with data that isn't useful. Figure out the precise business decisions you need to make first, then be as focused as possible when conducting your research.

2. What is your position on the pros and cons of qualitative vs quantitative marketing research?

Ans: The pros of qualitative research are:

Using qualitative research leads to more in-depth insights into subjects’ motivations and thinking. It does not require surveying as large a number of people, instead selecting smaller groups, who share some qualities or characteristics. Using tools such as online focus groups, it is significantly less costly than quantitative research. It does not set out to confirm previously held beliefs, but seeks to uncover actual motivations and perceptions. It can reveal hidden trends, providing valuable insight when determining product development and marketing approaches.

The pros of quantitative research are:

Quantitative research has the advantage of surveying random samples and providing statistical data that can be quickly assessed, then applied to a general, broader group. It has the scientifically valid aspect of producing repeatable data that can be trusted for forecasting and other planning purposes.

The cons of qualitative research are:

Cons of qualitative research include the basic fact that it is, in fact, not quantitative—in other words, it does not give a specific measure of the numbers of people who feel or choose one way or another. By the same token, it does not allow for extrapolating results and applying them to a broad public audience.

The cons of quantitative research are:

Original quantitative research is not always possible due to its higher cost. It can be difficult or impossible to probe beyond the initial surface answers in order to examine responses in more depth. The goal of taking a broad, representative sampling of a population may not be fully accurate because there is self-selection going on toward those who are willing to respond, leading to a potential bias.

3. Is one more effective than the other? Why?

Ans: Quantitative research is more effective than qualitative research due to the following reasons:

i) More Accurate

Since quantitative research involves more numbers and figures, it tends to be more accurate.

ii) Involves larger samples

This type of reseach's results are based on larger samples of the population.

iii) Faster and easy collection of data

Data collection is more faster using this research method.

iv) Helps in decision making process

Data from quantitative research can provide important insights about market that influences the business decisions.

4. Are they both needed? Why?

Ans: Yes, both are needed.

A researcher can use qualitative method of reseach when he does not have any idea what to expect. This reseach method can be used when in-depth details about a subject is required. This method is useful with relatively smaller sample groups.

As the name suggests, you can use quantitative reseach methods when you want to quantify a problem. Whenever larger samples are needed to be studied, quantitative method proves efficient and effective.

5. Identify two companies that use social responsibility to create value for customers.

Ans: i) Ben & Jerry's

ii) Starbucks.