Discussion Board: Research Approaches

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Memorandum

DATE

TO: Michelle

FROM:

SUBJECT: Research Approaches

I am writing to inform you about how quantitative and qualitative research can be used to define the target market for MM and how the two methods can be advantageous and disadvantageous.

Quantitative research aims at gleaning quantitative reliable, standardized factual data to guide critical business questions regarding issues such as potential markets and the number of target customers (Ahmad et al., 2019). Therefore, MM can use this to estimate the age and number of mobile phone users. In most cases, researchers capture quantitative data through questionnaires and surveys. Quantitative data is usually based on close-ended questions. The pool of participants in such studies must be adequately large, and researchers must also ensure that the sample accurately represents the general population. The first advantage of quantitative market research is that it reveals trends in data and allows the researchers to conduct comparisons (Ahmad et al., 2019). MM can identify the most popular models and compare them with less popular ones. Furthermore, It is crucial to conduct quantitative research before introducing a new product because it reveals data and factual figures highlighting the target market preferences and interests. Also, it increases the chances of securing investors because it shows the future demand and reduces investment risks associated with uncertainty. Therefore MM can use the findings to convince potential investors to come on board. Furthermore, it allows managers to forecast possible revenue and sales. These can be estimated using preferences expressed by respondents, pricing information, and target market response rates. MM can use this method to project sales and profits

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