Qualitative Data

Question 1

What’s Qualitative Data?

Answer 1

Research that is detailed

Question 2

What’s the benefit of Qualitative Research? (5)

Answer 2

1. Data that is more detailed and therefore can effectively meet wants and needs
2. Can create a product that meets wants and needs
3. Increase Loyalty and More Price Inelastic
4. Can increase price without fall in demand
5. Increase Revenue and profit to reinvest

Question 3

What’s the Drawback of Qualitative Data? (4)

Answer 3

1. Gathering this will require specialist researchers
2. Increase Fixed Costs
3. Business may not have enough cash to pursue this leading to a unreliable product
4. Lower Revenue and Demand