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STA5092Z Exploratory Data Analysis
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STA5092Z Exploratory Data Analysis
0 Download3 Pages / 627 Words
Course Code: STA5092Z
University: University Of Cape Town
MyAssignmentHelp.com is not sponsored or endorsed by this college or university
Country: South Africa
Questions:
Consider a research study that was undertaken by your own organisation and answer the following questions;
1. How were the results of this study valid and reliable, and why?2. Any recommendations for researchers?
Answers:
Research Taken by Insight Survey
Insight survey is a South Africa based organisation which deals in B2B researches for company specifically (Insight Survey , 2018). It has conducted researches in many areas of business, depending upon the clientele and is known to have delivered some exceptionally startling results, with high success rate.
Recent study, which shall serve as our areas of purpose would be from the field of Customer Needs and Opportunity Market (Mark, 2017).
In this study, the company researched the current trend of south African market, and what will be the forecast of the needed products for the coming three years ie, 2021. This will help in establishing and realising what all products do the consumers want and how to provide them with that (Harr, 2017)
Results of the Study
The study predicted a whole bunch of products ranging from beauty to healthcare, and could not maintain cohesion in its work. The idea of the research was interesting and of-course, needed but the way the research was conducted was not the best thing. Research could have been done in phases to ensure proper results are obtained. Rather, it was spread laterally ensuring its failure on this account (Insight Survey, 2018)
What could have been avoided was this spreading of the research in all directions, and concentrating only on one single things which is this (Jain, 2017). This will ensure that the results are always concentrated and have a solid base to validate the claims made, instead of just showing pompous figures and statistics.
While study gave some decent results as to the wants and expectations of the customer for upcoming three years, it still could not diversify it, and was too general in nature.
For example, while it predicted the need of better and low cost apparel, it could not focus on better and low cost pharmaceuticals or services like hospitality, aviation, sports and infrastructure.
This resulted in a little stagnation in the research and was fit only for a certain type of client, and stands irrelevant for others. Being a B2B researcher, this research could have helped them cater to a lot of people had it been done nicely (Bose, 2009)
Recommendation for the Researcher
Seeing how the above study, which could have been something very useful could not reach up to its expected level, there are certain suggestions which could help the researchers at Insight Survey to ensure that the next time onwards, their research is always right and oriented.
They are:
Try and focus on small aspects of the research or diversify and branch it instead of simply taking it all up at once
Get more people on field so that several areas of the research can be worked upon at once
Be actively involved with the thinking process of the client and constantly guide them as to how the research is shaping up. Proper communication helps in easing things to a lot of extent
Never estimate and communicate the results beforehand as it can bring in bias when the results come out. Wait for the right time
Always rely on the data gathered, and not just on intuition
References
Insight Survey. (2018). Customer Needs and Opportunity Research. Retrieved from https://www.insightsurvey.co.za/portfolio/customer-needs-and-opportunity-research
Insight Survey . (2018). About Us . Retrieved from https://www.insightsurvey.co.za/us
Mark. (2017). Why B2B market research is different – and what to do about it. Retrieved from https://www.quirks.com/articles/why-b2b-market-research-is-different-and-what-to-do-about-it
Harr, E. (2017). B2B Marketing Research: What You Need to Know. Retrieved from https://hingemarketing.com/blog/story/b2b-marketing-research-what-you-need-to-know
Jain, V. (2017). How to Conduct B2B Market Research. Retrieved from https://medium.com/think-with-startupflux/how-to-conduct-b2b-market-research-df6982624cb0
Bose, D. (2009). Business-To-Business Market Research Explained. Retrieved from https://www.greenbook.org/marketing-research/business-to-business-market-research
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