MKTG570 - Draft 3 - Perri

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Feb 20, 2024

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Week 6 Draft 3 Week 6: Draft 3 – Qualitative and Quantitative Data Emily A. Perri DeVry University MKTG570: Marketing Research

Week 6: Draft 3 2 Week 6: Draft 3 – Qualitative and Quantitative Data Product decisions and determining prices are all different according to your firm. Once a product is created it's time to determine the price, in order to do so this often involves a great deal of research identifying the appropriate price range, and then developing an appropriate marketing mix for new products. Pricing decisions involve establishing price levels in test marketing and modifying prices for existing products if needed (Hair, Ortinau, & Harrison, 2023) . In order to do so firms need to gather their data and that includes qualitative and quantitative data. Qualitative and quantitative data are essential, it's hard to conduct successful data analysis without including qualitative and quantitative data (Robinson, 2021) . Qualitative data is information that is descriptive, textual, and visual; whereas quantitative data is that can be measured, counted, quantified, and given a numerical value. Qualitative analysis is usually ongoing and continuously monitored, where firms observe and then interpret the data. Quantitative analysis is conducted by researchers, and it is typically done prior, and results are measured and tested (Hair, Ortinau, & Harrison, 2023) . Qualitative data tells you how or what happened or helps you understand why. Quantitative data involves calculations and tells how much, how many, or how often (Robinson, 2021) . Qualitative Data When determining the price for a product by using qualitative data one will primarily focus on understanding why the customer is willing to pay that price. The research will be conducted by hosting a focus group with interview questions for customers. The interview questions will need to be open-ended but still focus on pricing and why someone would a specific amount. Questions also need to be probing, probing questions will help to have the potential customer open up concerning their basic needs which will ultimately help them relate to

Week 6: Draft 3 3 the product at hand. Customers involved in the focus group should be those who are current customers of the firm, as well as potential customers. It’s important to have a good mix of loyal customers and potential future customers to effectively have a level playing field. During the focus group, it should be important to remember to record the interviews so that you can go back later and review the data gathered. Once the focus group is concluded coding, analyzing, and interpreting the information collected is the last step then all information is provided to the firm for price determination. Qualitative research is good because it’s flexible where it comes to understanding different customers influences and needs and it provides a deeper understanding of economic value and customer satisfaction. Where qualitative research falls short is being able to interpret the customers behaviors is time consuming and subject to interpretation. Also, qualitative research is a lot less structured. Quantitative Data Quantitative data is data that can be counted, it focuses on numbers, and can be measured. When discussing price firms can still follow the same as with qualitative research. They can assemble a focus group with interview questions. The interview questions in this situation will be more multiple choice that will allow the firm to narrow down more specific answers instead of broad open-ended answers that are up for interpretation. These sets of questions can include things like: 1. What price would make you consider this product to be priced too high? 2. What price would make you consider this product a bargain? 3. What price would make you most comfortable? Each of these questions can have a few multiple-choice answers that are all around the same or a range of prices. You could even add more price range questions to the questionnaires for the

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Week 6: Draft 3 4 focus group. Once the focus group is complete researchers could compile the information and use an interval scale that would focus on the mean, median and mode to determine the best price for the product (Hair, Ortinau, & Harrison, 2023) . The data collected could also be used to plot points on a price sensitivity map, where the x-axis could represent the price and the y-axis could represent the percent of customers that selected that price, once all the data has been entered you could evaluate the data based on where the points intersect. Where these points intersect at one and two would be the point of marginal cheapness and then at two and four would be the point of marginal expensiveness, the in between would be the acceptable price range. With quantitative research there are more options to obtain more specific data. Quantitative data is quick and easy to collect and draw conclusions from. Lastly, quantitative data can be replicated because the research is tangible and measurable. When it comes down to it both qualitative and quantitative both have their benefits to determining price. Qualitative research will explain to a firm why a customer will pay the price and will show the attachments that customers have towards the product and their potential loyalty. Quantitative research is a numbers game and is objective. Quantitative research will provide a generalized look at a target market. In this situation when determining price for a product the best and most effective type of research would be quantitative research.

Week 6: Draft 3 5 References Last Name, A. B. (Year). Article Title. Journal Title, Pages #-#. URL. URL . Last Name, C. D. (Year). Book TitleBook Title URL . Last Name, D. E., Last Name, F. G. (Year). Report TitleReport Title URL . Last Name, H. I. (Year, Month Day). Article Title/Headline. Periodical.Periodical. Organization Name. (Year, Month Day). Webpage Title. URL .

Week 6: Draft 3 6 Footnotes 1 For APA reports, add footnotes manually on their own page following references. Do not use the Insert Footnotes method on the References tab as they will not be formatted correctly. For APA formatting requirements, it’s easier to type your own footnote references and notes. To format a footnote reference, select the number and then, on the Home tab, in the Styles gallery, click Footnote Reference. The body of a footnote, such as this example, uses the Normal text style. If you delete this sample footnote, don’t forget to delete its in-text reference at the end of the sample Heading 2 paragraph on the first page of body content in this template.

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Week 6: Draft 3 7 Tables Table 1 Table Title Column Head Column Head Column Head Column Head Column Head Row Head 123 123 123 123 Row Head 456 456 456 456 Row Head 789 789 789 789 Row Head 123 123 123 123 Row Head 456 456 456 456 Row Head 789 789 789 789 Note: Place all tables for your paper in a tables section, following references and footnotes. Start a new page for each table, include a table number and table title for each, as shown. All explanatory text appears in a table note that follows the table, like this one. Use the Table/Figure style, available on the Home tab, in the Styles gallery, to get the spacing between table and note. Tables in APA format can use single or 1.5 line spacing. Include a heading for every row and column, even if the content seems obvious. A default table style has been set up for this template that fits APA guidelines. To insert a table, on the Insert tab, click Table.

Week 6: Draft 3 8 Figures Title Figure 1. Include all figures in their own section, following references, footnotes, and tables. Include a numbered caption for each figure. Use the Table/Figure style for easy spacing between figure and caption. For additional information on APA Style formatting, please consult the APA Style Manual, 7th Edition .

MKTG570 - Draft 3 - Perri

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