2.4 Types of Data

• Quantitative Data is data collected that is based on factors or numbers, it is the easiest to analyse.
• Qualitative Dat is data collected that is based on opinions and views, it is the hardest to analyse.
• Advantages of Quantitative Data:

  • Easy to analyse.
  • Provides insights onto current trends.
  • Can be compared with data from other sources.
• Disadvantages of Quantitative Data:

  • Doesn't explain why things happen.
  • Doesn't explain reasons behind trends.
  • Lack of reliability if the sample size and method is not valid.
• Advantages of Qualitative Data:

  • Essential for new product development and launches.
  • Focuses on understanding customer needs and wants.
  • Can highlight issues that need addressing.
• Disadvantages of Qualitative Data:

  • Expensive to collect and analyse.
  • Based around opinions - always a risk that the sample is not representative.