Lecture #4

Question 1

Why do we conduct market research?

Answer 1

• understand consumers
• marketing visibility
• competitor analysis
• market trends
• product development
• communication strategy

Question 2

What are some primary research methods for data collection? (Qualitative)

Answer 2

• observation
• interviews
• focus groups

Question 3

What are some primary research methods for data collection? (Quantitative)

Answer 3

• controlled experiments (e.g., A/B testing)
• surveys

Question 4

Compare the objectives for qualitative vs. quantitative research

Answer 4

Qualitative research aims to explore ideas or understand perspectives while quantitative research tests hypotheses or specific concepts

Question 5

Compare the research setting for qualitative vs. quantitative research

Answer 5

Qualitative research is conducted in natural settings through observation/interaction while quantitative is situated in a controlled environment or separate domain

Question 6

Compare the data analysis of qualitative vs quantitative research

Answer 6

Qualitative research identifies themes or patterns in the responses while quantitative research performs numerical comparisons and statistical inferences