QUALITATIVE RESEARCH IN BUSINESS DECISION-MAKING 5
QualitativeResearch in Business Decision-Making
Conductingresearch is an essential aspect that every business, which intends togrow has to undertake. When a firm uses research methods to find outthe market needs and to obtain the relevant information about othercompanies, it gains insight into the factors that influence itsprofitability. The information that an enterprise acquires throughresearch is vital as it helps the firm to make decisions regardingthe probability of adopting a different market approach and expandingits operations. Qualitative research provides insight on thefundamental aspects that affect business, and this is useful in thedecision-making process.
Theinitial step in the conduction of research is the collection of datasince it is essential for obtaining the relevant information aboutthe firm. Qualitative research enables a company to gain insight andunderstand the main issues that a firm needs to resolve (Neelankavil,2015). Before a business seeks to acquire information about thefactors that affect its operations and profitability, there is littleinformation available, and this is where exploratory research comesin handy. The study involves designing an investigation to identifypractical consumer and business needs (Neelankavil, 2015). Althoughqualitative research might include the application of differentresearch designs, probing studies would be the most appropriate sincethe examiners do not have to analyze a lot of information.
Thegathering of qualitative data depends on the objectives of thepollster. The two primary approaches to data compilation inqualitative research include the conduction of interviews andobservation (Hair, 2015). These information obtaining techniques areuseful in the business field considering that they can enable firmsto understand the opinions and attitudes that consumers have about aparticular product. A company can acquire observational data bysurveying people or events, and this result in the attainment ofnumerical or narrative data (Sreejesh, Mohapatra, & Anusree,2013). The qualitative analysis provides relevant information withoutthe use of intricate diagnostic tools, and this indicates that thebusiness field and other disciplines will continue using it infuture.
Aresearcher might conduct interviews as part of the qualitative datacollection process to evaluate the consumers’ perception of aspecific product. When analysts take this approach, they gain insighton the issues that affect an organization, and this helps themanagement in the decision making because it implements measures toresolve the problem. By conducting an interview, the canvasser getshold of the opinions of the respondents who are potential customersof the business. For instance, a company that makes soft drinks mightinterview people to find out whether they like the new flavor theyhave just initiated. This company would, therefore, reduce the risksassociated with the introduction of the novel product in the marketafter the evaluation of the item’s reception.
Thetype of interview that researchers conduct depends on the manner inwhich they want the respondents to provide their answers. Forinstance, the researchers maintain the interview sequence andquestions that they ask every individual so that they can comparetheir responses in structured interviews (Hair, 2015). Thisstandardized approach helps a company to obtain an accurate pictureof the customer satisfaction, and this facilitates thedecision-making process. Besides, the investigators might askunanticipated questions to the respondents using their initiative,and this occurs during semi-structured interviews (Hair, 2015). Thecanvasser can obtain insightful information that would enable thebusiness to know the customer preferences, hence, facilitating thedecision-making process.
Qualitativeresearch helps businesses to gain insight and understand theunderlying issues that a firm needs to resolve. Even thoughqualitative investigation might involve the use of different studydesigns, the exploratory approach would be the most appropriate sinceit is not necessary to analyze a lot of information. Assessors cancollect data in a qualitative study through observations and theconduction of interviews. The results that a company acquires throughqualitative examination enable it to determine the aspects thataffect its profitability, and this assists in the decision-makingprocess.
Hair,J. (2015). Essentialsof business research methods.Armonk: M.E. Sharpe.
Neelankavil,J. (2015). Internationalbusiness research.Armonk: M.E. Sharpe.
Sreejesh,S., Mohapatra, S., & Anusree, M. (2013). Businessresearch methods: An Applied orientation.New York, NY: Springer Science & Business Media.