Question.3401 - 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. In response to peers, discuss whether you agree with the distinction and type of quantitative and qualitative research examples provided.
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In terms of quantitative research - that revolves around gathering data that are majorly numerical and then analyzing it by utilizing statistical methods to measure and quantify the variables to often test hypotheses, measure the scope and magnitude of problems, make predictions or identify trends (Winter, 2000). In terms of exploring examples, considering market research to explore how many iPhone user want to switch from series 15 to 16, their satisfaction rating and market size data. On the other hand, qualitative research - involves gathering data which are significantly wordy, or of audio or images to comprehend the reasons for one's behaviours or assess an underlying phenomenon; this type of research is often employed while exploring complex issues to obtain customer experiences within cultural nuances (Winter, 2000). For instance, discussions with small groups of customers to gather in-depth feedback on how Netflix's monthly subscription works out for them. However, both quantitative and qualitative research are valuable and go hand in hand, in several instances there is a need to employ both the approaches tend to have a better understanding, for instance, considering a small EV company facing declining sales could use quantitative research (e.g., customer satisfaction surveys) to identify the extent of the problem and qualitative research (e.g., focus groups or target customers with the existing data they have from the survey) to understand the underlying reasons for customer dissatisfaction, which can provide a more comprehensive understanding of the situation and inform effective solutions. References Winter, G. (2000). A comparative discussion of the notion of validity in qualitative and quantitative research.?The qualitative report,?4(3), 1-14.More Articles From Business Management
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