Question

Students will be required to create a 15-minute presentation in a following economic topic and perform it in groups. The following topics are in one group:

consumer behaviour, market research, qualitative research, quantitative research, secondary data

They have to prepare their 10-15 minutes presentation together by merging the topics and their findings. The task is not to define the aforementione topics, definitions, more like to find a wider topic, issue or research problem which is connected to these topics and is wortht to present it to the others.

Answer 1

Consumer behavior

Consumers purchase goods and services when need arises. In a market place consumer plays the role of information provider, user, disposer of product and services, most importantly consumers are the decision makers. Consumer behavior is all that affect consumers search, selection, and purchase of products. Factors like Purchasing Power, Personal Preferences, Economic conditions, advertisement, group influence affects consumer behavior. To understand Consumer behavior various research studies are done like by taking Customer Reviews, by preparing Q&A sites questions and concerns related to brand, service or product, by doing survey, by Competitor analysis etc.

Market research:

Market research is the business strategy maintaining competitiveness over competitors focus on target markets or customers by gathering information. Market research provides a wealth of information about prospective and existing customers, in general helps to identify and analyze the needs of the market, market size and the competition. Market research is both qualitative as it focuses groups, in-depth interviews as well as quantitative as it consists of customer surveys, and analysis of secondary data. In Market research the producers collect market information, segment the market geographically, demographically, psycho graphically.

Qualitative research:

Qualitative research helps to understand and discuss the market in greater depth provide greater understanding of the nature of various types of economic phenomena. Qualitative research helps to get the answer questions about why and how people behave in the way that they do. By gathering non-numerical data, phenomenological model, case study, historical model etc qualitative research done.

Quantitative research:

Quantitative research uses range numerical complex mathematical and statistical procedures to analyze economic phenomena, to do market research which are generally expressed in qualitative terms. By numerical analysis of data, questionnaires, surveys, quantitative research helps to take decision regarding product and services.

Secondary data:

Data collected from published papers, unpublished research notes called as secondary data. Secondary data collected from competitors report, government’s data, from internet, Sales data. Secondary data is more economical as the data is already collected, so it is easier to the researcher as no need to spend money, time, energy and resources to do extra research. In secondary research the main problem is if the primary source data is not correct then the secondary research went wrong.