Quantitative Marketing Research

Name: Quantitative Marketing Research
Author: Bob Badowski

Learn when quantitative research methods are the best approach for your research goals.

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Course: On-Demand

(gentle music) Welcome to Quantitative Marketing Research. In these lessons, we'll show you how quantitative marketing research is ideal for getting sufficient information and what information that is. We'll walk you through creating and conducting surveys and also learn other methods of quantitative marketing research in different ways to analyze all of these methods. Quantitative marketing research methodology deals with numbers and figures much like qualitative research. Quantitative research begins with a business question. For the researcher to determine the answer to that question, it's helpful if the question well defined. When the question is well defined, you can then search background information to see if there is previous data or studies that have been done. If no previous data or studies have been done that are useful, then a methodology is formed as to how to gather the quantitative data. Upon completion of data gathering, the data can be processed, analyzed and then presented to the business owner so they can make well-informed business decisions. Quantitative research has some great strengths but it also has some limitations. Here are some strengths. Rapid data collection, it's usually quite easy to collect a lot of information very quickly with quantitative research depending on the methodology used. If you are using a survey, it can be sent to multiple people very quickly and then process using statistical calculations or statistical software. Reliable information, quantitative information tends to be reliable since it's based on mathematical reasoning. You can easily randomize experiments to collect data from target demographics. You can search and filter through these data to find more specific numerical delineations. Generalized findings, due to the science of statistics and given an appropriate number of responses, we can generalize findings from the sample to the overall population. This enables us to collect representative data, perform statistical analysis on it and make inferences for the rest of the population. Anonymous responses. Often quantitative data is collected anonymously. The subjects who complete the survey or whatever type of quantitative method you are using, will generally be willing to give more honest answers when they know their answers won't be linked to their identity. This enables you to get a better read on what customers are thinking. Here are some limitations. No follow up questions. One limitation to quantitative data collection is that the questions in are the only questions that are answered. In a purely quantitative study, there are no opportunities for follow-up questions, especially with surveys. Follow up questions could help provide key information in the data collection. Accuracy of data. Another drawback of quantitative research is not necessarily knowing if people are telling the truth. An example of this is an exit poll when voting. If people are directly asked who they voted for, they might not be willing to tell you an honest answer. Cost. If you are not very savvy with statistics, the cost can be prohibitive for quantitative marketing research. If you need someone to write quantitative questions, collect responses, process, and analyze the responses and give you a particular readout of that information, it could be costly depending on the size and scope of your research.

Beginner Provider : Bob Badowski 6 Lessons · 16m in Arabic, German, English, Spanish, French, Portuguese, Urdu, Chinese

Course Description

Quantitative marketing research seeks various facts, figures, and statistics to answer a business question. Following that, an analysis of the data can guide you to next steps. While a customer’s impressions of a product or service are often attractive to a business, there are times when a company benefits from data-driven decisions instead.

In KnowledgeCity’s Quantitative Marketing Research course, you will learn when it’s appropriate to look for facts, figures, and statistics for your marketing research. You will learn about their strengths and limitations to help you examine whether quantitative marketing research fits your goals. Then you will learn how to take those and apply them to your own marketing inquiries, which includes recruiting subjects for your research and the basics of data analytics. You’ll see how quantitative marketing research is great for getting adequate information and, at times, the best avenue to use for your team.

What You'll Learn

Define the limits of quantitative research, including its strengths and limitations
Determine the best methodologies to conduct quantitative marketing research, such as surveys
Assess data analysis techniques using the basics of data analytics
Identify the subjects for quantitative marketing research methodologies
Apply survey design and recruiting considerations to your own marketing inquiries
Recognize other quantitative methods and when to use them for your team

Key Takeaways

Quantitative marketing research seeks facts, figures, and statistics to answer a business question, after which analysis of the data can guide next steps.
While a customer's impressions of a product or service are often attractive to a business, there are times when a company benefits from data-driven decisions instead.
Understanding the strengths and limitations of quantitative research helps you examine whether it fits your goals.
Applying quantitative methods to your own marketing inquiries includes recruiting subjects for research and the basics of data analytics.
Quantitative marketing research is great for getting adequate information and, at times, the best avenue for your team to use.

Frequently Asked Questions

What will I learn in this course?

You will learn when it's appropriate to look for facts, figures, and statistics for your marketing research, their strengths and limitations, and how to apply them to your own marketing inquiries, including recruiting subjects for your research and the basics of data analytics.

What topics does this course cover?

The course covers the strengths and limitations of quantitative research, surveys, survey design and recruiting considerations, data analytics, and other quantitative methods, and includes a Test Your Knowledge section.

When is quantitative marketing research the right approach?

It is appropriate when a company benefits from data-driven decisions rather than a customer's impressions; the course teaches you to examine whether quantitative marketing research fits your goals, noting it is great for getting adequate information and at times the best avenue for your team.

Does this course teach data analysis?

Yes. The course covers data analytics and helps you assess data analysis techniques as part of applying quantitative methods to your marketing inquiries.