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Quantitative Methods In Management Essay

1303 words - 6 pages

Quantitative marketing research is the application of quantitative research techniques to the field of marketing. It has roots in both the positivist view of the world, and the modern marketing viewpoint that marketing is an interactive process in which both the buyer and seller reach a satisfying agreement on the "four Ps" of marketing: Product, Price, Place (location) and Promotion.
As a social research method, it typically involves the construction of questionnaires and scales. People who respond (respondents) are asked to complete the survey. Marketers use the information so obtained to understand the needs of individuals in the marketplace, and to create strategies and marketing plans. ...view middle of the document...

Sampling design specification - What is the total population? What sample size is necessary for this population? What sampling method to use?- examples: Probability Sampling:- (cluster sampling, stratified sampling, simple random sampling, multistage sampling, systematic sampling) & Nonprobability sampling:- (Convenience Sampling,Judgement Sampling, Purposive Sampling, Quota Sampling, Snowball Sampling, etc. )
8. Data collection - Use mail, telephone, internet, mall intercepts
9. Codification and re-specification - Make adjustments to the raw data so it is compatible with statistical techniques and with the objectives of the research - examples: assigning numbers, consistency checks, substitutions, deletions, weighting, dummy variables, scale transformations, scale standardization
10. Statistical analysis - Perform various descriptive and inferential techniques (see below) on the raw data. Make inferences from the sample to the whole population. Test the results for statistical significance.
11. Interpret and integrate findings - What do the results mean? What conclusions can be drawn? How do these findings relate to similar research?
12. Write the research report - Report usually has headings such as: 1) executive summary; 2) objectives; 3) methodology; 4) main findings; 5) detailed charts and diagrams. Present the report to the client in a 10 minute presentation. Be prepared for questions.
The design step may involve a pilot study to in order to discover any hidden issues. The codification and analysis steps are typically performed by computer, using statistical software. The data collection steps, can in some instances be automated, but often require significant manpower to undertake. Interpretation is a skill mastered only by experience.
[edit] Statistical analysis
The data acquired for quantitative marketing research can be analysed by almost any of the range of techniques of statistical analysis, which can be broadly divided into descriptive statistics and statistical inference. An important set of techniques is that related to statistical surveys. In any instance, an appropriate type of statistical analysis should take account of the various types of error that may arise, as outlined below.
[edit] Reliability and validity
Research should be tested for reliability, generalizability, and validity.
Generalizability is the ability to make inferences from a sample to the population.
Reliability is the extent to which a measure will produce consistent results.
• Test-retest reliability checks how similar the results are if the research is repeated under similar circumstances. Stability over repeated measures is assessed with the Pearson coefficient.
• Alternative forms reliability checks how similar the results are if the research is repeated using different forms.
• Internal consistency reliability checks how well the individual measures included in the research are converted into a composite measure. Internal consistency may be...

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