Reference no: EM131817642
Response 1:
I will be important for Mobile Manufacturing (MM) to conduct a thorough market research analysis to understand who to market the new product line to and have a successful launch of the new product in the new target region.
There are 3 main types of research methods available to us: qualitative, quantitative, and mixed. Qualitative research is a research method that explores the meaning, or reason why behind a particular question. Participants are likely to use open ended questions to explain the reason why, and in our case, what they like about a certain feature or product (Creswell, 2014).
A quantitative approach however, is an approach to test objective theories by examining correlations from the data that is collected (Creswell, 2014). Often time's, qualitative data is used to explain the quantitative data, this would be an example of a mixed method and paint the whole picture of the data being analyzed. The easiest way that I remember the difference is quantitative tells the story with numbers and qualitative paints the picture with words.
There are pros and cons to each method. The positive benefits that you can get from quantitative research is objectivity, statistical method, and speed of data collection. Objectivity lets you gather information, in the form of numbers, to investigate a situation. The use of black and white data in the form of numbers can remove any sense that the researcher is being bias to one side or the other.
The statistical method approach lets you gather large numbers of data to analyze in a very quick manner. With this statistical approach that means that we will need a very large sample size and will require a larger investment to launch the quantitative study (HRF.org, 2014).
Qualitative research also has its advantages and disadvantages. Qualitative research is very flexible and allows the interviewee to expand on their answers to why that feel a certain way. This taps into the customers' creativity and can help us better understand why they like or dislike a feature or product. On the flipside, this type of research can be very time consuming while giving us a smaller sample size (KW Research, n.d.).
With the above types of research outlined above, I recommend that MM uses a mixed method. This should utilize both quantitative and qualitative methods. Starting with a large quantitative study to analyze a large amount of raw data to understand what our target customer market wants and further the research with a follow-up qualitative study to a small subset of customers to expand on the quantitative study. Doing this will ensure we understand what our customers really want.
Response 2:
How does Qualitative Research differ from Quantitative Research?
In order to accurately identify our target market, it is necessary that we conduct thorough and comprehensive research. The most effective means to gather significant data is through conducting qualitative and quantitative research. In order to understand this approach, it is necessary to understand what distinguishes one from the other.
Qualitative Research is aimed at understanding underlying reasons and motivators. It is exploratory in nature and is based around the search for truth and meaning (NA, 2018). Qualitative Research is typically conducted through the use of rigid techniques such as online questionnaires and in persons or telephone interviews. Quantitative Research also aims to produce pertinent data but with respect to numerical values and metrics.
The Quantitative Method has its roots in the physical sciences and is defined by three steps: State the objective, give the hypotheses and gather the appropriate data (Muse, 2018). The purpose of this research is the quantification of data and the measurement of outcomes in a given sample or segment.
What are the Pros and Cons of each?
Qualitative and quantitative research both serve a specific purpose, but each comes with its share of strengths and weaknesses. A strength of qualitative research is that it often allows for the researcher to assign purpose or meaning to the subject's actions.
In many instances qualitative data is used to answer "why". A weakness of qualitative research is that when used alone, often the results are not a true endpoint or conclusion and requires additional examination (Muse, 2018).
A strength of quantitative research is undoubtedly the structure of the approach and ultimately the objective nature of the results, this is a result of applying the scientific method to the research. Inversely, a weakness would be that the data largely remains inconclusive with relationship to purpose or meaning, often there will be a quantifiable result which standing alone, may tell the researcher very little.
How do both research styles benefit the company?
One may state conclusively that both quantitative and qualitative research provide an enormous benefit Mobile Manufacturing. As we see in the pros and cons, both approaches find their weakness when applied individually. The sum of the research is made stronger when both methods are applied in a manner that complements one another.
Whether it being qualitative methods used to identify trends and then quantitative methods to measure them or quantitative methods to measure metrics and qualitative methods to identify meaning, both approaches are largely successful (Muse, 2018) . The proper execution of applying both of these methods will certainly contribute to identifying the target market.