Question

Discuss the value and use of quantitative and qualitative research and data in business. Articulate the difference between the two types of research and provide specific examples of when each would be valuable in addressing problems within a business setting.

Answer 1

Both quantitative and qualitative has its own significance in the research field. Qualitative is more of exploratory in nature and it helps in understanding various perspective with relates to the areas of improvement, understanding customer needs etc. It use focused interviews, surveys, ethnographic observation etc for such research. At the same time quantitative is conclusive in nature .It helps in determining the values which can be measurabke like cost of manufacturing, revenue from the business , spend on logistics etc.

Example of qualitative research is understandikg customer behaviour in shopping at the retail shops.Here the major work in qualitative research is deep dive analysis on primary or secondary data which can helps in determining the shopping behaviours, their interest in brand, psychological factors etc. At the same time quantitative research which is conclusive in nature can be like landed cost of car for Honda in US. This research needs to capture various data from sources like historical application , live monitoring of their customers, duties and supplier invoices etc.