2. Qualitative and Quantitative Research Methods for Business Capstones
For your
MBA Capstone project, you will choose either
qualitative,
quantitative, or
mixed methods depending on your research objectives. Here’s a breakdown of each method:
2.1 Qualitative Research Methods
- Purpose: Qualitative research is used to explore non-numerical data such as opinions, experiences, and perceptions. It is ideal for answering “why” or “how” questions related to business challenges.
- Methods: Common qualitative research methods include:
- Interviews: Conduct one-on-one discussions with industry experts, customers, or employees to gain insights into behaviors or perceptions.
- Focus Groups: Organize discussions with small groups of people to explore attitudes and opinions.
- Case Studies: Examine real-life business scenarios to analyze decision-making processes or business strategies.
- Observations: Observe behavior or events in a business setting to gather context-driven data.
- Analysis: Analyze the data thematically or by coding responses to identify patterns or trends. Use NVivo or similar software to help with data organization and analysis.
2.2 Quantitative Research Methods
- Purpose: Quantitative research is used to analyze numerical data and test hypotheses. It is ideal for answering questions like “how much,” “how many,” or “to what extent.”
- Methods: Common quantitative methods include:
- Surveys/Questionnaires: Distribute surveys to a larger sample size to collect data on customer preferences, employee satisfaction, or financial performance.
- Experiments: Conduct controlled experiments to test specific interventions or strategies and measure their effects on business outcomes.
- Financial Analysis: Use financial metrics such as ROI, NPV, or profit margins to analyze business performance.
- Analysis: Use statistical tools like SPSS, Excel, or R to analyze the data and test hypotheses. For example, you might perform correlation analysis or regression modeling to determine the relationships between variables.
2.3 Mixed Methods
- Purpose: A mixed-methods approach combines both qualitative and quantitative data to provide a comprehensive understanding of the business problem.
- Analysis: Qualitative data may help explain the numbers you find through quantitative research, and vice versa. For example, qualitative interviews could explain why a particular strategy worked, while quantitative data could show how successful it was.
