Quantitative and Qualitative methods

• Quantitative date- Advantages:

  • Data relatively easy to analyse
  • Numerical data provides insights into relevant trends
  • Can be compared with data from other sources (e.g. competitors, history)
• Quantitative data- Disadvantages:

  • Focuses on data rather than explaining why things happen
  • Doesn't explain the reasons behind numerical trends
  • May lack reliability if sample size and method is not valid
• Qualitative data- Advantages:

  • Essential for new product development and launches
  • Focuses on understanding customer needs, wants, expectations- very useful insight for a business
  • Can highlight issues that need addressing- e.g. why customers don't buy
  • Effective way of testing elements of the marketing mix- e.g. new branding, promotional campaigns
• Qualitative data- disadvantages:

  • Bias can exist in the personal opinions of managers
  • Expensive to collect and analyse- requires specialist research skills
  • Based around opinions- always a risk that sample is not representative