Online Retail Business is one of the fastest growing business enterprises in today’s markets. Various entrepreneurs have ventured into the market with the aim of exploiting new business opportunities. This research project seeks to provide a guideline on the ways to effectively start and run and online research business. There are four research methodologies that can be used in analyzing the business environment for such a consumer-oriented project. For the purposes of this outline; this proposal is going to explore four research methodologies namely; qualitative, quantitative, Mixed, and Action.
Part 1: Overview Research Methodologies.
Qualitative
First of all, it is important to understand that normative research methodologies can be used in researching of information that does not involve data (Berg, 2001, p.23). One key element in the consumer market is that markets are controlled by consumer behavior. Consumer behavior is an element that can be analyzed using qualitative analysis. Consumer behavior is shaped by different socio-cultural elements in society. For example, the consumer behavior in the United States would be different compared to a country like China. Consumer behavior is shaped by the cultural perspectives that are embraced by the consumer market. Consumers in the United States might be highly attract to bacon and pork goods and products, while consumers in countries that are predominantly Muslim might not be inclined towards such products due to their religion. Therefore, socio-cultural analysis elements in the consumer market are among the key areas in research that would use qualitative analysis in the research process. Considering the applicability of qualitative research methodology, there are key research areas that Akron Research Company would propose. Some of these areas include consumer tastes and preferences, the purchasing powers of the target consumer base, and competition from like business enterprises. Thorough research on the above mentioned areas would be a great boost for this consumer project because the innovators would be able to have a better understanding of the socio-economic and cultural context of the consumer base that this business enterprise targets.
Quantitative
One of the key things that are worth noting is the fact that quantitative research is not subject to bias. Positivism and researches in the natural sciences are value free (Balnaves, 2002, p.64). The results of research are based on data and not opinions that are derived from qualitative analysis. Quantitative research methodology in this case would be used in determining some key aspects in the business environment. Some of the aspects that can be deduced using quantitative research methods include the income demographic of the targeted consumer base, the estimated consumer traffic, the cost of production of such a consumer project, and the estimated profit margins from such an enterprise. Quantitative research methodology can be used to make estimates of any aspects that require numerical analysis. It is through quantitative analysis that calculations of the different estimates of the capital investments can be deduced. It is worth noting that there are factors of production (FOP’s) that have to be balanced in order to enhance the success of this consumer project. Land, capital, and labors are some of the elements that can be determined empirically using quantitative research methodology. The balancing of these factors of production can be derived through quantitative research methodology.
Mixed
An amalgamation of quantitative and qualitative research methodology would be the most ideal research methodology that would be used in deducing the success of this consumer-based project. This is because some of the qualitative research methodologies are informed by the results that are derived using data. Using data one can be able to analyze some of the dynamics that might have influenced the data under analysis. Raw empirical data cannot be helpful in analyzing a given business environment. Inferences and conclusions have to be arrived at using qualitative analysis. This means that an effective and comprehensive research has to incorporate both qualitative and quantitative research methodology. This methodology is the most ideal research approach that Akron Research Company would propose for the purposes of this consumer-related project. In this way, data that is derived using quantitative research methodology can be interpreted using normative research methods.
Action
Action research methodology involves active involvement in field work to be able to understand the dynamics that are within a given target population. Action research methodology exposes the research to the realities on the ground thereby preparing the researcher for unforeseen challenges. In this way the establishment of this consumer-related project is going to be based both on facts that are on the ground and facts that are on paper. It is worth noting that facts on the ground might be different from what literary coverage presents to researchers. Therefore, it is important to incorporate action research methodology in deducing the business environment of this consumer-related project.
Part 2
An example of a project that could be implemented using mixed research methodology would include the establishment of an online retail enterprise. In conducting research on this business enterprise, concepts such as the socio-cultural characteristics of the consumer based can be analyzed using qualitative research methodology, while concepts such as income demographics of the target consumer based can be derived using quantitative research methodology.
References
Balnaves, M. (2001). Introduction to Quantitative Research Methods an Investigative Approach. London: Sage Publications.
Berg, B. L. (2001). Qualitative research methods for the social sciences (4th ed.). Boston: Allyn and Bacon.
