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Research: Definition, Methods, Types And Guide For Final Year Students by eduprojectsng: 12:02pm On May 21
inductive research methods validate an observed occurrence, while inductive research methods analyze it. Deductive techniques are more commonly associated with quantitative analysis, whereas inductive approaches are more commonly associated with qualitative study.
Research is conducted with a purpose to:
Identify potential and new customers
Understand existing customers
Set pragmatic goals
Develop productive market strategies
Address business challenges
Put together a business expansion plan
Identify new business opportunities

What are the features of research project ?

Good research follows a systematic approach to capture accurate data. Researchers need to practice ethics and a code of conduct while making observations or drawing conclusions.
The analysis is based on logical reasoning and involves both inductive and deductive methods.
Real-time data and knowledge is derived from actual observations in natural settings.
There is an in-depth analysis of all data collected so that there are no anomalies associated with it.
It creates a path for generating new questions. Existing data helps create more research opportunities.
It is analytical and uses all the available data so that there is no ambiguity in inference.
Accuracy is one of the most critical aspects of research. The information must be accurate and correct. For example, laboratories provide a controlled environment to collect data. Accuracy is measured in the instruments used, the calibrations of instruments or tools, and the experiment’s final result.

What is the purpose of research project ?

There are three main purposes:
Exploratory: As the name suggests, researchers conduct exploratory studies to explore a group of questions. The answers and analytics may not offer a conclusion to the perceived problem. It is undertaken to handle new problem areas that haven’t been explored before. This exploratory process lays the foundation for more conclusive data collection and analysis.

Descriptive: It focuses on expanding knowledge on current issues through a process of data collection. Descriptive studies describe the behavior of a sample population. Only one variable is required to conduct the study. The three primary purposes of descriptive studies are describing, explaining, and validating the findings. For example, a study conducted to know if top-level management leaders in the 21st century possess the moral right to receive a considerable sum of money from the company profit.

Explanatory: Causal or explanatory research is conducted to understand the impact of specific changes in existing standard procedures. Running experiments is the most popular form. For example, a study that is conducted to understand the effect of rebranding on customer loyalty.

Asking the right questions and selecting an appropriate approach to analyze the issue are the first steps in research. You should discuss the results or observations after you've gathered responses to your questions to come up with logical conclusions.
When it comes to consumers and market research, the more detailed your questions are, the more accurate the report would be. By thoroughly gathering consumer data through surveys and questionnaires, you will gain crucial insights into brand awareness and product needs. You can use this information to make informed decisions about your marketing plans and effectively position your business.

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Types of final year research project methods

Research methods are broadly classified as Qualitative and Quantitative.
Both methods have distinctive properties and data collection methods.

Qualitative methods
Qualitative research is a method that collects data using conversational methods, usually open-ended questions. The responses collected are essentially non-numerical. This method helps a researcher understand what participants think and why they think in a particular way.

Types of qualitative methods include:
One-to-one Interview
Focus Groups
Ethnographic studies
Text Analysis
Case Study

Quantitative methods

Quantitative methods deal with numbers and measurable forms. It uses a systematic way of investigating events or data. It answers questions to justify relationships with measurable variables to either explain, predict, or control a phenomenon.
Types of quantitative methods include:
Survey research
Descriptive research
Correlational research
Remember, research is only valuable and useful when it is valid, accurate, and reliable. Incorrect results can lead to customer churn and a decrease in sales.
It is essential to ensure that your data is:
Valid – founded, logical, rigorous, and impartial.
Accurate – free of errors and including required details.
Reliable – other people who investigate in the same way can produce similar results.
Timely – current and collected within an appropriate time frame.
Complete – includes all the data you need to support your business decisions.

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