Bus 225 2-1

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2-2 Discussion: Making Decisions and Overcoming Bias Using Research Marilyn Garcia posted Jan 12, 2023 11:43 AM Subscribed This page automatically marks posts as read as you scroll. Adjust automatic marking as read setting What research steps need to take place before you can make a decision? When researching any new product for your company, it is good practice to always follow these six steps before pulling the trigger. 1- Analyze your business needs 2-Choose technology that grows with your company 3- Always think in terms of need 4- Have a backup plan 5- Get support 6- Don't forget training How would you use qualitative or quantitative data to help you make a decision? Explain the difference between these two methods. Qualitative research approaches, including focus groups or customer interviews, can produce a detailed picture of the buyers' experiences within the product category and reveal unmet needs or areas for opportunity to consider
when developing a new product. Conducting qualitative research is also critical to avoiding missteps in product feature development. The tactile experience of purchase cannot be fully measured with surveys or customer use data. It would be best to have central location testing and in-home testing to understand the customer's needs. Conducting follow-up qualitative research in the form of interviews or focus groups (in-person or online) can reveal opportunities to hone in on any unclear or surprising findings from the post-launch surveys. Quantitative data can be counted or measured in numerical values. The two main types of quantitative data are discrete data and continuous data. Height in feet, age in years, and weight in pounds are examples of quantitative data. Qualitative data is descriptive data that is not expressed numerically. Both quantitative research and qualitative research are often conducted through surveys and questionnaires. Quantitative data is used when a researcher needs to quantify a problem and answers questions like "what," "how many," and "how often." This data type is frequently used in math calculations, algorithms, or statistical analysis. How would you use primary and secondary sources to support your decision? Explain the difference between these two source types. Both primary and secondary sources are helpful and can help you learn about the past. In the strictest definition, primary sources are usually considered items like personal letters, diaries, records or other documents created during the period under study. But primary sources can also include photographs, jewelry, works of art, architecture, literature, music, clothing, and other artifacts. In contrast, secondary
sources address the primary source, but were created later by someone who did not experience it first-hand or participate in the events or conditions you're researching. Market research provides valuable information that marketers can use to make decisions. Primary data is information collected through original research. A marketer typically seeks primary data specifically for their objectives. The method used to collect primary data depends on the amount and type of data the company is interested in. Secondary data is information collected from public sources such as websites, periodicals, or other literature. When gathering secondary data, it's essential to verify the reliability of a source before using its information. Secondary research often includes searching company websites and industry associations to find information on annual reports, investor presentations, market size, and industry participants. Primary data research usually involves sending questionnaires or conducting focus groups to determine the spending habits of your target market group. We can collect primary data by conducting interviews, gathering a focus group, sending surveys, and monitoring social media.
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