Our Services

Get 15% Discount on your First Order

[rank_math_breadcrumb]

Interactive diagram

create an interractive diagram Using tools such as Miro, Lucidchart for the following file 

Task 1.3: Exam on Research Design 2

Marketing midterm

A startup’s limited funding cap makes it critical to devise a research plan that yields the highest impact for the least cost. Gaining qualitative insights earlier in the product development cycle is useful, as qualitative research provides very rich consumer understanding (Oranga and Matere, 2023). This analysis discusses three methods of inexpensive research and elaborates on one qualitative research design in depth, which includes aims, target respondents, methodology, instruments of data collection, techniques of analysis, and findings.

Rethinking Cost-Effective Strategy for Research

Because of the budgetary limitations of a startup, a qualitative researcher can design qualitative research that achieves rich insight while keeping expenditures to a minimum. Here are three key strategies:

First, the use of digital tools to collect data is engaging for the respondents and cost-effective. For a lack of logistical financial resources, the use of online surveys, virtual interviews, and employment of AI transcription services can eliminate the need for physical venues or travel expenses (Tolentino et al., 2024). Qualitative research can be undertaken and stored using Zoom, Google Forms, and Otter.ai.

Second, this strategy focuses on the financial saving potential of using less recognizable primary or secondary data sources. These can range from an academic report, an industry report, or even an insightful social media post. They are excellent at providing costless, pre-existing consumer trends and competitor analysis. The use of Statista, Google Trends, or white papers from consulting companies such as McKinsey or Deloitte explains in detail the market.

Third, partnering with industry forums and social media enables the provision of organic feedback, thereby reducing the costs associated with traditional research. Participating in Reddit subreddits, LinkedIn groups, or niche Facebook forums that pertain to the industry of the startup can serve as a source of valuable information from actual customers. Startups may also run small-scale pilot or beta versions of their products and use these social networks to gather qualitative feedback.

Qualitative Research Study Design

An organized qualitative research study guarantees clarity of the objectives, methodology, and anticipated results. This study aims to help the startup assess a new product concept and determine its feasibility.

Objective and Research Questions

The main purpose of this research is to assess what consumers think, how they respond to, and what challenges they anticipate regarding the new product concept. This study attempts to find answers to the following research questions:

· What are consumers’ initial impressions of the product concept?

· What are the perceived benefits and drawbacks from a consumer perspective?

· How does the product fit into the daily lives of target users?

· What factors would influence their decision to purchase or recommend the product?

Target Respondents

Selecting the right participants is crucial for gaining relevant qualitative information. Respondents for this research would be:

· Early adopters and technologically savvy customers who are most likely to embrace new solutions.

· Existing users of similar products to compare expectations to determine their potential switching behavior.

· Possible clientele who falls within the specific range of the startup’s demographics focusing on their needs, preferences, and feedback.

The recruitment strategy would also utilize organic reach through internet forums, groups on social media, and invitations through mediums such as LinkedIn and Reddit.

Proposed Research Approach

To collect rich qualitative data, several research approaches shall be utilized:

• In-depth interviews (IDIs): We will conduct one-to-one interviews with the respondents to provide detailed information regarding their experiences, opinions, and expectations. For cost saving purposes interviews will be conducted through Zoom.

• Online focus groups: A group discussion format will encourage engaging exchanges of thoughts since the participants can respond to each other’s opinions. Google Meet or Microsoft Teams will be employed to host the sessions.

• Ethnography using digital diaries: Participants will note down their experience with the product prototype or product idea using their digital diary in voice memos or written notes to articulate their thoughts. This method will collect contextual information from everyday life.

Data Collection Instruments

To maintain consistency and structure in data collection, the following tools shall be utilized:

· Discussion guides: A semi-structured guide will outline key topics to cover in interviews and focus groups with some flexibility for participant-generated input.

· Interview questions: Open-ended questions such as

· “Can you describe your initial reaction to this product?”

· “How would you compare this to similar products you have used?”

· “What features stand out to you the most?”

· “What concerns or hesitations would you have about using this product?”

· Pre-screening survey questionnaire: A short questionnaire to ensure diversity of respondents and filter for the right demographics.

· Prompt sheet for digital diary: The prompt sheet is a structured set of questions designed to guide participants in logging their experiences with the product concept over a set period of time.

Analysis Approach

The qualitative data obtained would be coded thematically to identify patterns and prevailing themes in the responses. The analysis steps are as follows:

1. Transcribing data and organization: Interview and focus group interviews shall be transcribed with the assistance of automated tools such as Otter.ai and checked for accuracy manually.

2. Coding and thematic identification: Responses are to be coded into broad themes using NVivo or any other qualitative data analysis tool. User preferences, pain points, and suggested enhancements are to be recognized as recurring patterns.

3. Comparison analysis: Responses of different groups of users (e.g., early adopters and general consumers) are to be compared in order to record differences in perception.

4. Generation of actionable insight: The final analysis should yield actionable recommendations for the startup’s product development and promotion strategy.

Expected Outcomes and Decision-Making

The research outcomes that are expected are more detailed insight into consumer attitudes that enable the startup to refine the product for launch. Findings will reveal the best branding and promotion strategies and areas for improvement. Understanding consumer reservations will inform objection-handling approaches and means of making the product more appealing. The research will also provide guidance on pricing, messaging, and promotion strategies to align the startup’s go-to-market strategy with customer needs.

Conclusion

The startup will gain deep qualitative insights for decision-making through this research design. This research not only saves research costs but also maximizes the effectiveness of outcomes through the use of digital tools, secondary data, and public engagement. This method of research enables the startup to have in-depth knowledge of their target audience without imposing too large of a financial burden. An interactive chart that graphically displays the research structure will be presented with the final research outcomes so that the insights are easy to consume and act upon for stakeholders.

Reference List

Oranga, J. and Matere, A. (2023). Qualitative Research: Essence, Types and Advantages.
Open Access Library Journal, [online] 10(12), pp.1–9. doi:

Tolentino, R., Rodriguez, C., Hersson-Edery, F., Lane, J. and Rahimi, S.A. (2024). Perspectives on virtual interviews and emerging technologies integration in family medicine residency programs: a cross-sectional survey study.
BMC Medical Education, 24(1). doi:

Share This Post

Email
WhatsApp
Facebook
Twitter
LinkedIn
Pinterest
Reddit

Order a Similar Paper and get 15% Discount on your First Order

Related Questions

Journal Article 1

See attachments  BUSI 613 Journal Article Review Assignment Instructions Overview MBA programs around the country are starting to require their students to become more effective writers. This is in response to industry’s urging for grad schools to improve the writing skills of graduate students. Writing at the MBA level should

Prof Double R

 Electronic Health Record  Answer the following questions: What is an EHR? What types of information are found in an EHR? Who manages an EHR? How is it used? Does an EHR follow the patient to other health facilities? Explain.

Microeconomics 6

Assignment in attachment  1. The following graph shows a firm operating in a monopolistically competitive market. How many haircuts will the firm perform in the short term, and at what price? At this point, what will its total revenue, total cost, and total profit be? Given your answers, what would

Microeconomics 7

Assignment in attachment  1. What are the four most important ways a firm becomes a monopoly? Will a monopoly that maximizes profit also be maximizing revenue? Will it be maximizing output? Explain. 2. Assume the graph below represents the market for a monopolist. What quantity will the monopolist produce, and

Microeconomics 2

Assignment in attachment  1. The graph below represents the market for flank steak in a specific town. Calculate the value of consumer surplus: A. When the market price is allowed to prevail, and B. When the town passes a law setting a price ceiling for flank steak of $13 per

MBA 699 4-2 Milestone 2

   1. Current employee demographics: Summarize the current employee demographics for the organization from the course scenario. a. Use Tableau to visualize the demographic data such as age, sex, marital status, education, and experience, and include the corresponding screenshots in your summary. Choose the graphs or charts that are best

HRM 6301 III

1 Three Keys to Success Joshua A. Learner Columbia Southern University LSS 1300: Learning Strategies for Success Dr. John Doe July 10, 2020 SAMPLE FORMAL ESSAY The title page includes the title of the assignment in bold font, the student’s name, the name of the university, the course name, the

ECO 6301 III

2 Economics for Managers ECO 6301 Unit III Essay Unit III Essay This 3-to-5-page essay measures your mastery of ULOs 1.1, 1.2, 2.1, 6.1, 6.2 and 7.1. Elasticity Assignment objective: Unit I introduced the benefits of markets to improving outcomes for producers and consumers. Unit II examined the role of

RCH 5301

2 Research Design and Methods RCH 5301 Unit II DB Describe a quantitative research project you would be interested in starting now or in the near future. Explain the problem and why this would be important for you to study. Why is a quantitative methodology an appropriate research strategy for

Business Finance – Accounting excel assignment

need this excel assignment done by tomorrow at 11:59. need formulas to be put in excel not just the answers Sheet1 Porsche and Mercedes-Benz, both based in Germany, are two of the largest automobile manufacturers in the world. The following information was provided in each company’s 2019 annual report. Porsche

Business Finance – Economics Global economics assignments

see attached READ ENTIRELY!  Assignments Week 2-6 NO AI!!! Week 2: DUE JULY 19 The role of government in the economy is often debated by economists and businesspeople. The debate ranges from having little to no government intervention to having a strong government presence in both business and social settings.

HRM 6301

2 Human Resources Management Methods HRM 6301 Equal employment opportunity and subsequent discrimination are major factors in today’s workplace. For a quick review, you can access the U.S. Equal Employment Opportunity Commission’s  Employees & Job Applicants webpage to review discrimination by type.  Considering the many types of employment discrimination, share which

dbs global economics

See attached DB1 Week 1 DUE JULY 09 Define capitalism and socialism and provide examples of countries that govern using each structure. Discuss why capitalism and socialism are currently spotlighted in U.S. politics giving the pros and cons of each organizational structure. Be specific and give supporting facts, not just

ECO 6301 II

2 Economics for Managers ECO 6301 Unit II This unit’s readings include information on pricing. You are introduced to the shutdown price, using elasticity to determine the effects of price changes, and cost-based pricing. Discuss the importance of considering elasticity in pricing decisions and the danger of relying solely on

Marketing Plan

iMBA Operations Strategy Module Summer 2024 Group Project One submission per group Only include your group name on the submission (points are deducted if individual group member names are included) . Please submit a Microsoft Word document. Limit of 20 pages, excluding title sheet, references, and appendices. 1. Overview of

WK1PR599

SEE ATTACHED 1 6 Peer Response: Cite 2 Scholary authors for each. •    Find at least TWO students whose conclusions bring new levels of understanding to your view on McDonald’s internal performance or conclusions. •    Discuss any major differences where you might disagree. 1Acj. A purpose/mission statement is

23

check f  This file is too large to display.View in new window