The Management Guy

  Qualitative Research Qualitative research is used to understand how people experience the world. Researchers opt for qualitative research to understand or explain the behavior, motivations, and characteristics of people in a target group. This type of research can also be used in the business world if you want to know what a specific group thinks about new ideas for products or services or if you simply want to try something since it allows you to access content-rich information about perceptions, emotions, and interactions between people.   What is qualitative research? Qualitative research is defined as a market research method that focuses on obtaining data through open-ended and conversational communication. This method is about “what” people think and “why” they think so. For example, consider a convenience store looking to improve its patronage. A systematic observation concludes that the number of men visiting this store are more. One good method to determine why w

  Multi-Dimensional Scaling   Multi-Dimensional Scaling Multi-dimensional scaling (MDS) is a statistical technique that allows researchers to find and explore underlying themes, or dimensions, in order to explain similarities or dissimilarities (i.e. distances) between investigated datasets . You can analyse any kind of similarity or dissimilarity matrix using multi-dimensional scaling. Plotting these data sets on a multi-dimensional scale allows for easier interpretation and comparison by researchers.     A possible example of when multi-dimensional scaling (MDS) might be used is if we have six utility companies and we want to understand how they are considered differently by respondents. We would invite consumers to complete a survey in which each of the six companies would be paired with each of the others, and the respondents would be asked in a series of questions how similar they believe them to be, for a number of attributes. Example

      Two types of Data & Methods of Collecting it. In addition to deciding who should supply his marketing research needs the manager will also want to contribute to the decision as to what type of data is most appropriate, i.e. primary data or secondary data 1.      Secondary data The term 'secondary data relates to data which has been collected by individuals or agencies for purposes other than those of a given research study. Characteristics of secondary data Secondary data may be sufficient to solve the problem. On occasion it happens that adequate data may be available to the extent that primary data collection unnecessary. Data collection costs are substantially lower for secondary data in comparison to primary data. A thorough search of secondary sources can be completed at a fraction of the cost incurred in even a modest primary data collection exercise. The time involved in searching secondary sources is far less

  Scope & Importance Of Business Research Fields of Business Research Financial Research:  Finance is the prime resource of the business. Dedicated research of finances before commencing the work is highly advisable. It includes decisions like dividend distribution, capital requirements, profit distribution, budgeting, etc. Management research:  Management is the base on which a company operates. It needs to be on alert all the time. Management has its own subparts to deal with and coordinate with. The top-level management holds the management chain for effortless operation. Marketing research:  The front of the business is marketing. The representation of markets can’t be ignored while researching. The market is flexible. Customer shifts from one product to another in a fraction of seconds. It is important to always be in touch with the targeted audience to know their expectations. Marketing research is all about price,