Answer to Question #176501 in Economics for Esther Gathenya

Question

Explain why it is important to gather such information and indicate the various methods of

analysis used to give meaning to the information gathered.

Answer 1

Collection of information

Having developed a research project, it is necessary to collect information. As a rule, this is the most expensive and error-prone phase of research. When conducting surveys, four major problems arise at once. Some interviewees may not be at home or at work, and the attempt to contact them will have to be repeated. Others may refuse to participate in the survey. Still, others may respond biasedly or insincerely. Finally, the interviewer himself may be biased and insincere.

When conducting experiments, researchers need to carefully monitor the correspondence of experimental and control groups, do not influence participants by their presence, give instructions in a completely uniform way, and ensure that all other conditions are met.

Analysis of the collected information

The next stage of marketing research is extracting the most important information and results from the aggregate of the obtained data. The researcher summarizes the obtained data in tables. From these tables, metrics such as frequency distribution, average levels, and dispersion are derived or calculated. Then the researcher, in the hope of obtaining additional information, processes the obtained data using modern statistical methods of decision-making models used in the marketing information analysis system.

Presentation of the results

The researcher should not overwhelm marketing executives with the sheer number and sophistication of the statistical techniques they use. This will only confuse the managers. It is necessary to present the main results required by the management of the company to make the main, pressing marketing decisions. Research is useful when it helps reduce the uncertainty faced by marketing professionals.