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		<title>Top 5 reasons why Consumer insights is important in decision making</title>
		<link>https://blog.prashantaggarwal.com/consumer-insights-in-decision-making/</link>
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		<dc:creator><![CDATA[prashant]]></dc:creator>
		<pubDate>Fri, 09 Jul 2021 13:52:34 +0000</pubDate>
				<category><![CDATA[Brands & Insights]]></category>
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		<category><![CDATA[Qualitative Research]]></category>
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					<description><![CDATA[<p>The importance of consumer insights in decision-making The importance of consumer insights in decision-making is well recognized in India. It was the British colonialists who changed the direction of the economy, unleashing the power and potential of markets to cater to consumers more efficiently. This made the masses consumers instead of just shopkeepers and entrepreneurs. ... <a title="Top 5 reasons why Consumer insights is important in decision making" class="read-more" href="https://blog.prashantaggarwal.com/consumer-insights-in-decision-making/" aria-label="More on Top 5 reasons why Consumer insights is important in decision making">Read more</a></p>
<p>The post <a href="https://blog.prashantaggarwal.com/consumer-insights-in-decision-making/">Top 5 reasons why Consumer insights is important in decision making</a> appeared first on <a href="https://blog.prashantaggarwal.com">PRASHANT AGGARWAL</a>.</p>
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										<content:encoded><![CDATA[<h2>The importance of consumer insights in decision-making</h2>
<p><img fetchpriority="high" decoding="async" class="size-medium wp-image-389 alignright" src="https://mlrz1d6hzu0s.i.optimole.com/w:208/h:300/q:mauto/f:best/https://blog.prashantaggarwal.com/wp-content/uploads/2021/07/Pinterest-Image-for-importance-of-consumer-insights-Prashant-Aggarwal.jpg" alt="Consumer Insights - Prashant" width="208" height="300" /></p>
<p>The importance of <a href="https://en.wikipedia.org/wiki/Customer_insight">consumer insights</a> in decision-making is well recognized in India. It was the British colonialists who changed the direction of the economy, unleashing the power and potential of markets to cater to consumers more efficiently. This made the masses consumers instead of just shopkeepers and entrepreneurs. Today, Indian markets are no longer dominated by the elite and top profiteers, but by the middle classes, as reflected in the extensive use of the term &#8220;Lake in India&#8221; to indicate products that have been made in India and imported into the country.</p>
<p>A market is only as good as its distribution which is a complex phenomenon. It is influenced by various forces such as demand, price, competition, and many others. All these forces have an impact on the distribution of goods and services in the market. One cannot ignore them and hope that things will remain as they are.</p>
<p>Consumers are the most important force in determining the quality and quantity of any product or service. With their insights into the market, they can make informed decisions as to where to spend their money. They will also have an idea as to the level of satisfaction they can expect from the service they receive. As far as distribution is concerned, the consumers can play a major role. They decide where and how they want to spend their money. That is the power of consumer insights in decision-making.</p>
<p>&nbsp;</p>
<p>However, the power of consumers is not confined to distribution alone. It extends to pricing also. The consumers are the ones who decide which products and services are cheap or expensive. This is the power of market dynamics. When the consumers make their decisions based on economic factors, the prices of the products and services will follow.</p>
<p>The decision-makers, i.e., retailers and other big businesses, pay very close attention to the price of the product or service they offer. The consumers will be the ones to determine the level of affordability of the product or service.</p>
<p>The information available to them gives them the tools to bargain for lower prices with suppliers and make good deals. If they find out that the consumers are getting cheated by sellers of products and services, the power of consumer awareness will play a decisive role in their decision-making. The sellers will start to see that the competition is heating up and will find it increasingly difficult to maintain prices.</p>
<p>Consumer insights also influence the manner in which businesses operate. In industries where consumers have specific demands, they are the ones who ensure that the goods and services meet these demands. If consumers feel that the quality of the product is poor, they will not buy it. On the other hand, if they feel that the service they get is good, then they would not hesitate to patronize that business.</p>
<p>Consumer insights also give businesses important signals about the type of customer they should target. The analysis shows that consumers do not purchase the same type of product or service from different companies. Instead, they prefer brands that resonate with their values, lifestyle, and other characteristics. Thus, a business may choose to focus on the more lucrative segments of consumers. It may choose to specialize in providing goods and services that are in line with what consumers need. Alternatively, it may focus on services that consumers cannot live without.</p>
<p><img decoding="async" class="alignnone" src="https://i.imgur.com/1JooKjk.png" alt="Role of Consumer insights in decision making" width="2400" height="1256" align="left" /></p>
<p>By providing an analysis of the way in which consumers use &#8211; different marketing tools and businesses will be able to adapt quickly to consumer demands. Once the necessary changes are made, consumers will not only continue to patronize the business but also refer others to the business. This, in turn, will boost its market share and expand the market share of the business. This is how consumer insights play a crucial role in business. Without them, businesses would not be able to survive and grow.</p>
<p><span data-preserver-spaces="true">If you found my post helpful, then do share it with your friends and colleagues. If you have any feedback/questions, you may leave a comment below.</span></p>
<p><a class="editor-rtfLink" href="https://blog.prashantaggarwal.com/about-me/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Click here to know more about me</span></a><span data-preserver-spaces="true">.</span></p>
<p>&nbsp;</p>
<p>The post <a href="https://blog.prashantaggarwal.com/consumer-insights-in-decision-making/">Top 5 reasons why Consumer insights is important in decision making</a> appeared first on <a href="https://blog.prashantaggarwal.com">PRASHANT AGGARWAL</a>.</p>
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		<title>Qualitative vs Quantitative Research: When to Use Which (And When Your Agency Is Selling You the Wrong One)</title>
		<link>https://blog.prashantaggarwal.com/qualitative-research-types-explained/</link>
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		<dc:creator><![CDATA[prashant]]></dc:creator>
		<pubDate>Sat, 05 Jun 2021 14:13:32 +0000</pubDate>
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		<guid isPermaLink="false">https://prashantaggarwal.com/?p=308</guid>

					<description><![CDATA[<p>Qualitative Research &#160; Qualitative research is a type of research that focuses on explaining the world&#8217;s reality through the participants&#8217; perspectives. Also, it is characterized by the researcher&#8217;s active involvement when interacting with participants while gathering data in the natural setting. Lastly, in qualitative research, the research study results tend to be subjective because it ... <a title="Qualitative vs Quantitative Research: When to Use Which (And When Your Agency Is Selling You the Wrong One)" class="read-more" href="https://blog.prashantaggarwal.com/qualitative-research-types-explained/" aria-label="More on Qualitative vs Quantitative Research: When to Use Which (And When Your Agency Is Selling You the Wrong One)">Read more</a></p>
<p>The post <a href="https://blog.prashantaggarwal.com/qualitative-research-types-explained/">Qualitative vs Quantitative Research: When to Use Which (And When Your Agency Is Selling You the Wrong One)</a> appeared first on <a href="https://blog.prashantaggarwal.com">PRASHANT AGGARWAL</a>.</p>
]]></description>
										<content:encoded><![CDATA[<h2><a href="https://www.questionpro.com/blog/qualitative-research-methods/#:~:text=Qualitative%20research%20is%20defined%20as,%E2%80%9Cwhy%E2%80%9D%20they%20think%20so.">Qualitative</a> Research</h2>
<p><img decoding="async" class="alignright wp-image-316 size-medium" src="https://mlrz1d6hzu0s.i.optimole.com/w:191/h:300/q:mauto/f:best/https://blog.prashantaggarwal.com/wp-content/uploads/2021/06/Pinterest-Image-for-Qualitative-Research-Prashant-Aggarwal-e1622816491927.jpg" alt="Qualitative Research - Prashant Aggarwal" width="191" height="300" /></p>
<p>&nbsp;</p>
<p><span data-preserver-spaces="true">Qualitative research is a type of research that focuses on explaining the world&#8217;s reality through the participants&#8217; perspectives. Also, it is characterized by the researcher&#8217;s active involvement when interacting with participants while gathering data in the natural setting. Lastly, in qualitative research, the research study results tend to be subjective because it is affected by the perceptions and opinions of the respondents based on their experiences.</span></p>
<p><span data-preserver-spaces="true">Now that we have understood what qualitative research is, the next question is the different types of qualitative research design.</span></p>
<h4></h4>
<h4><span data-preserver-spaces="true">Qualitative Research Designs</span></h4>
<ol>
<li><span data-preserver-spaces="true">Case Studies</span></li>
</ol>
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-1"><span data-preserver-spaces="true">It requires a long time and in-depth study of Organization or situation or phenomena.</span></li>
<li class="ql-indent-1"><span data-preserver-spaces="true">This type of study is often used to narrow down a very broad field of research into one or a few easy research examples.</span></li>
<li class="ql-indent-1"><span data-preserver-spaces="true">It is also useful for testing whether a specific theory and model applies to the nominal in the real world.</span></li>
</ul>
</li>
<li><span data-preserver-spaces="true">Example &#8211; How their environment influences students&#8217; vocabulary development?</span>
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-2"><span data-preserver-spaces="true">Hypothesis &#8211; The environment influences a person&#8217;s vocabulary acquisition and development.</span></li>
<li class="ql-indent-2"><span data-preserver-spaces="true">With this in mind, the researcher would interview two different groups of students with the different environment (stream, for example)</span></li>
<li class="ql-indent-2"><span data-preserver-spaces="true">This case study would have multiple observations starting with the beginning of the senior high school years, middle of the senior high school, and the student&#8217;s high school years.</span></li>
<li class="ql-indent-2"><span data-preserver-spaces="true">From there, the researchers can compare whether there&#8217;s a difference or similarity in terms of conversation expressions used and known vocabulary words between the different groups.</span></li>
</ul>
</li>
<li class="ql-indent-1"><span data-preserver-spaces="true">Based on the results, the researcher should be able to come up with conclusions.</span></li>
</ul>
</li>
</ul>
<ol>
<li><strong>Ethnography</strong></li>
</ol>
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-1"><span data-preserver-spaces="true">It involves studying a particular cultural group to get a clear understanding of their belief systems and practices.</span></li>
<li class="ql-indent-1"><span data-preserver-spaces="true">It also aims to have a more in-depth understanding of all of the group members&#8217; organizational setup and lifestyle.</span></li>
<li class="ql-indent-1"><span data-preserver-spaces="true">It is also worth noting that ethnography falls under the field of anthropology.</span></li>
</ul>
</li>
<li><span data-preserver-spaces="true">For example, we will have to study that observes the culture and practice of people living in far-flung areas away from modernization.</span>
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-2"><span data-preserver-spaces="true">With this in mind, the researcher would have observed a group of people living in visiting far-flung areas.</span></li>
</ul>
</li>
</ul>
</li>
<li><span data-preserver-spaces="true">The researchers then typically interact with people through</span>
<ul>
<li style="list-style-type: none;">
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-3"><span data-preserver-spaces="true">Interviews</span></li>
<li class="ql-indent-3"><span data-preserver-spaces="true">observations</span></li>
</ul>
</li>
<li class="ql-indent-2"><span data-preserver-spaces="true">Immersions</span></li>
<li class="ql-indent-2"><span data-preserver-spaces="true">This kind of practice helps the researchers have firsthand experience of the practice of the group members and obtain firsthand testimonies from the research participants.</span></li>
<li class="ql-indent-2"><span data-preserver-spaces="true">And present accurate reports regarding the research subject since the researcher can interact with them directly and personally.</span></li>
</ul>
</li>
<li class="ql-indent-1"><span data-preserver-spaces="true">Since the research involves a particular group of people, the results are context-specific. When you say politics specifically, the findings apply only to those specific people and not the general public.</span></li>
</ul>
</li>
</ul>
<ol>
<li><span data-preserver-spaces="true"><strong>Phenomenology &#8211;</strong> It aims to examine the human experience regarding a certain phenomenon. Also, it recognizes that each experience is unique and meaningful.</span></li>
</ol>
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-1"><span data-preserver-spaces="true">The objective of phenomenology is to present a live experience of the participants involved in the study.</span></li>
</ul>
</li>
<li><span data-preserver-spaces="true">Example &#8211; We need to recognize the different strategies used by international students to adapt to the new language learning environment. </span>
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-2"><span data-preserver-spaces="true">The researcher would interact with different international students who are studying in a particular country.</span></li>
<li class="ql-indent-2"><span data-preserver-spaces="true">The researcher interacts with the participants and does few interviews, such as focus group discussions or in-depth interviews.</span></li>
<li class="ql-indent-2"><span data-preserver-spaces="true">During these discussions or interviews, the researcher would then be able to identify the different experiences, struggles and adapt strategies used by the participants.</span></li>
</ul>
</li>
<li class="ql-indent-1"><span data-preserver-spaces="true">From there, the researchers would be able to come up with a detailed discussion of the results.</span></li>
</ul>
</li>
</ul>
<ol>
<li><span data-preserver-spaces="true"><strong>Historical Analysis</strong> &#8211; The historical analysis involves examining primary documents to make you understand the connection of past events to the present time.</span></li>
</ol>
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-1"><span data-preserver-spaces="true">The historical analysis researchers rely on primary sources of historical data.</span></li>
</ul>
</li>
<li><span data-preserver-spaces="true">For example &#8211; The development of the educational system in the Philippines.</span>
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-2"><span data-preserver-spaces="true">With this in mind, the researcher needs to have primary sources of historical data.</span></li>
<li class="ql-indent-2"><span data-preserver-spaces="true">Some examples would be direct accounts of events, Archival data, official documents, personal records and, Eyewitness records.</span></li>
<li class="ql-indent-2"><span data-preserver-spaces="true">Once the researchers can analyze the sources of information, the researcher would then be able to identify how the educational system in the past.</span></li>
</ul>
</li>
<li class="ql-indent-1"><span data-preserver-spaces="true">It&#8217;s connected with the educational system in terms of policy changes, Friendships, Teaching strategy, development, and updates in the material used.</span></li>
</ul>
</li>
</ul>
<ol>
<li><span data-preserver-spaces="true">Content and Discourse analysis &#8211; This type of qualitative research design requires analysis or examination of text or content of the modes of communication. Furthermore, according to public health at Columbia ensues puts it in discourse analysis is conducted for the following reasons.</span></li>
</ol>
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-1"><span data-preserver-spaces="true">Identify the intentions, focus, or communication trends of an individual, group, or institution.</span></li>
<li class="ql-indent-1"><span data-preserver-spaces="true">Describe the attitudinal and behavioral responses to communications.</span></li>
<li class="ql-indent-1"><span data-preserver-spaces="true">Reveal the international differences in communication content.</span></li>
<li class="ql-indent-1"><span data-preserver-spaces="true">Reveal the patterns in communication content.</span></li>
<li class="ql-indent-1"><span data-preserver-spaces="true">Determine the psychological or emotional status of the person or group.</span></li>
</ul>
</li>
<li><span data-preserver-spaces="true">For example &#8211; If a researcher wants to determine or understand the language of journalism. He would analyze the different modes of communication, such as journals, articles, and audiovisual materials.</span>
<ul>
<li class="ql-indent-1"><span data-preserver-spaces="true">Based on this analysis, the researcher would then be able to identify how journalistic jargon or the language of journalism has similarities and differences in terms of regular communication jargon.</span></li>
</ul>
</li>
</ul>
<ol>
<li><span data-preserver-spaces="true"><strong>Grounded Theory</strong> &#8211; This occurs when a researcher discovers a new theory to underlie his study at the time of data collection and analysis.</span></li>
</ol>
<ul>
<li style="list-style-type: none;">
<ul>
<li class="ql-indent-1"><span data-preserver-spaces="true">It also explains the main concern of the participants involved in the research. </span></li>
<li class="ql-indent-1"><span data-preserver-spaces="true">Through various means of data collection such as interviews, observations, fieldwork, focus group discussions, and study of artifacts and texts, the researcher would be able to discover an idea that would explain the how and why behind a particular phenomenon.</span></li>
</ul>
</li>
</ul>
<h2>Summary</h2>
<p><img decoding="async" class="alignnone wp-image-314 " src="https://mlrz1d6hzu0s.i.optimole.com/w:auto/h:auto/q:mauto/f:best/https://blog.prashantaggarwal.com/wp-content/uploads/2021/06/Qualitative-Summary-3.jpg" alt="Qualitative Research" width="800" height="322" srcset="https://mlrz1d6hzu0s.i.optimole.com/w:1885/h:759/q:mauto/f:best/https://blog.prashantaggarwal.com/wp-content/uploads/2021/06/Qualitative-Summary-3.jpg 1885w, https://mlrz1d6hzu0s.i.optimole.com/w:300/h:121/q:mauto/f:best/https://blog.prashantaggarwal.com/wp-content/uploads/2021/06/Qualitative-Summary-3.jpg 300w, https://mlrz1d6hzu0s.i.optimole.com/w:1024/h:412/q:mauto/f:best/https://blog.prashantaggarwal.com/wp-content/uploads/2021/06/Qualitative-Summary-3.jpg 1024w, https://mlrz1d6hzu0s.i.optimole.com/w:768/h:309/q:mauto/f:best/https://blog.prashantaggarwal.com/wp-content/uploads/2021/06/Qualitative-Summary-3.jpg 768w, https://mlrz1d6hzu0s.i.optimole.com/w:1536/h:618/q:mauto/f:best/https://blog.prashantaggarwal.com/wp-content/uploads/2021/06/Qualitative-Summary-3.jpg 1536w" sizes="(max-width: 800px) 100vw, 800px" /></p>
<p>There are few other advanced methods like Semiotics which I&#8217;ve not covered here intentionally to keep this post simple.</p>
<p>If you found my post useful then do share it with your friends and colleagues. If you have any feedback/questions, you may leave a comment below.</p>
<p><a class="editor-rtfLink" href="https://blog.prashantaggarwal.com/about-me/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Click here to know more about me</span></a></p>
<p>The post <a href="https://blog.prashantaggarwal.com/qualitative-research-types-explained/">Qualitative vs Quantitative Research: When to Use Which (And When Your Agency Is Selling You the Wrong One)</a> appeared first on <a href="https://blog.prashantaggarwal.com">PRASHANT AGGARWAL</a>.</p>
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