Once you have completed all your interviews or conducted your focus group there are many methods that can be used to analyse research data. In this blog I go through some of the less well used terms and methods, and explain when you might use them.
This type of analysis is typically used in econometrics as it is usually applied to forecasting and predicting, such as market share analysis. Typically it is used to ascertain the effect of one variable upon another, or the relationship between the two, such as how a price increase of a product would affect the demand for that product. This type of analysis could help you to understand how the market could react to product modifications, or even a new product being introduced.
This is a research phenomenon where many survey responses tend to fall into just a few categories at the end of a measurement scale.
End-piling will typically occur when respondents have been expected to give a more positive than negative response, such as when satisfaction scales are used. For instance if a respondent has previously used a product and already selected that product to use again, we would expect them to give a more positive response.
Although End-piling is not strictly a type of analysis it useful to understand how it can occur as it can cause a skewed distribution of responses. This may then indicate error in the research and can also interfere with the ability to draw meaningful conclusions form the analysis.
This is the analysis of data to test a specific hypothesis in the research. This would be used when you want to generalise your research findings to represent the population and not just your sample. This can give you the opinions about a product from a relatively small sample, at a lower cost, rather than if you were to research the whole population. This is most effective if you know that your sample is truly representative of the population.
Inferential analysis would typically be used when opinions from two different groups have been gathered about a product, and you want to talk about how the opinions really differ. It helps identify if these differences are due to chance or if they represent real differences of opinions existing in the population. This is a useful type of analysis when using focus groups, as it can help draw meaningful conclusions from participant’s opinions about a product.
One-Way Frequency Table
A one-way frequency table typically display’s categorical data in the form of frequency counts and/or relative frequencies.
This is a table of data which only examines one variable at a time; enabling the data to be created in a bar chart which indicates how often particular responses are used for each question on a survey. These tables can then be combined to create larger charts or individual charts presenting data in a more visual and easy to understand format. A one way frequency Table would mostly be used when there is a large amount of data and you want to find the most popular responses for many questions in the research quickly and easily.
This can be used in 2 different ways. Firstly stochastic fancy, this is a way of describing the statistical chance of randomness within a response or sample. Secondly a process can be described as a stochastic process, meaning there is an element of random variation within the process, creating several directions in which the process may evolve. Identifying a process as stochastic or the stochastic fancy within a sample can be useful as it helps you to remove the random elements from the research, giving the outcome more direction and focusing it more to your overall research objectives and conclusions.
There are many methods of market research analysis; the method selected for analysis can be dependent on the type of data gathered during the interview process, and can shape the outcome of the research towards the objectives. Such as, whether you want the outcome of the research to be more qualitative, quantitative or a more visual easy to understand her presentation of the analysis.
Competitive Advantage can help you choose a method for your research tailored to your needs and objectives and then conduct it for you, guiding your decisions along the way.
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