Advantages of Quantitative Method: Benefits and Applications Quiz & Flashcards

Study Notes

Advantages and Limitations of Research Methods

Qualitative Research Methods:
- Allow for in-depth insights into consumer behavior
- Enable a flexible and exploratory approach
- Can be used to generate new hypotheses
Limitations of Qualitative Research Methods:
- The sample may not accurately represent the target population
- Large-scale research may be impossible due to lack of resources
- Researchers may struggle to control the environment where responses are collected
Quantitative Research Methods:
- Allow for the collection of large amounts of data
- Results can be generalized to a larger population
- Can be used to test hypotheses
Limitations of Quantitative Research Methods:
- May not provide in-depth insights into consumer behavior
- Can be subject to measurement error
- Can be expensive and time-consuming

Applications of Consumer Behavior Study

Effective Marketing: Tailor strategies to meet target audience needs
Product Development: Use consumer preferences to guide new product creation
Competitive Advantage: Exploit unmet needs and differentiate from competitors
Customer Relationships: Foster trust and loyalty for long-term success

Factors Influencing Consumer Behavior

Personal Factors:
- Occupation
- Age
- Economic Condition
- Lifestyle
- Personality
Psychological Factors:
- Motivation
- Perception
- Learning
- Beliefs
- Attitudes

Psychological Factors in Detail

Motivation:
- Refers to the internal factors that drive individuals to satisfy their needs and desires through purchasing and consuming goods and services
- Example: A person may be motivated to purchase a high-end smartphone to fulfill their need for social status and prestige
Perception:
- Involves how individuals interpret and make sense of marketing stimuli such as advertisements, product packaging, and brand images
- Example: Two consumers may perceive the same advertisement for a luxury car differently based on their past experiences, cultural background, and personal values
Learning:
- Refers to how consumers acquire knowledge and skills through experience
- Includes classical conditioning, operant conditioning, and observational learning

Description

Explore the benefits of using quantitative research methods in collecting and analyzing data on a large scale, through surveys, experiments, and observational studies. Discover how quantitative research allows for hypothesis testing and generalization of results to wider populations.