Research Methods Essay

Methodology One of the primary ways in which marketing is defined is in terms of its difference from the so-called ‘pure sciences’ such as physics, chemistry, biology etc. Its use of theory and methodology is, therefore, closely related to this distinction. Academics of marketing often emphasize what too many of us are utterly obvious, that there is no certainty in the study of marketing sciences. This is because marketing not only deals with fiscal variables but also it deals with humanity, which is inherently transient. Taking this element of transience into consideration marketing scientists has to use not just quantitative but also qualitative methods of study. For this study of Establishing Islamic Fund to issue Islamic Bonds for Infrastructure Projects both the methods would be used. A Qualitative method of study differs from the usual quantitative methods (used in the study of pure sciences) in the sense that it tends to be far more subjective. This is in sharp contrast to the methods used in pure sciences which are exclusively objective. The research methods for marketing are a combination of both quantitative and qualitative methods. Being open to qualitative methods of study also allows social scientists to incorporate non-quantitative data (i. e. non-numerical data, such as words, images, gestures, impressions etc. ) in their study. Since human beings tend to operate in terms of such data and not in terms of the finance used in ordinary sciences this broader outlook is far more applicable in the study of social sciences. In keeping with the methodology employed in marketing researches the theories too are formulated and used keeping in mind that they aren’t necessarily applicable to all conditions. Be it psychology, history, political science or economics human events are most likely to influence the rules which define the basic theories of a marketing subject. Success in the field of marketing researches can therefore be achieved if and only if it is understood that the subject has no space or opportunity for water-tight methodologies or theories. It can always be stated that Qualitative research is a process that includes interpretative paradigm under the measures of theoretical assumptions and the entire approach is based on sustainability that is depended on people’s experience in terms of communication. It can also be mentioned that the total approach is based on the fact that reality is created on the social formulations. It can also be mentioned that the basic target of qualitative research is instrumented towards social context under normal circumstances where it would be possible to interpret, decode and describe the significances of a phenomenon. The entire process is operational under the parameter of interpretative paradigm that can minimize illusion and share subjectivity under contextualization, authenticity and complexity of the investigation. The basic advantages of qualitative measures are multifold. Firstly, it presents a completely realistic approach that the statistical analysis and numerical data used in research based on quantitative research cannot provide. Another advantage of qualitative measures is that it is more flexible in nature in terms of collected information interpretation, subsequent analysis and data collection. It also presents a holistic point of view of the investigation. Furthermore this approach of research allows the subjects to be comfortable thus be more accurate as research is carried on in accordance to the subject’s own terms. The best statistical method would be to interview long well formulated day to day working procedure at a specific and well selected location and in this case it would be the three selected events mentioned. Throughout the procedure, it should be noticed whether there are specific variables within the testable population or not. These variables would be extremely important while evaluating the basic data in the final stages where the adjustments would be made to the formulated data in accordance to the observations. However, it is important to completely take into account the aspects of fundamental variables of an individual such as ethnicity, religious belief or positive support from the sales structure of the management and individual. It is necessary to design a new experiment that test the statistical method. For the purpose it is necessary to collect a complete data of the site that would include different religion, ethnicity or gender. An open meeting with potential customers of the Islamic fund and bond would be very relevant in this context but only the upper income limits should be taken into account in the initial stages. This is because only upper sections are the groups that are most likely to be present at the upper grade cosmetics. The mixed gender of male and female potential customers could well be excluded as that would complicate matters in the context of gender variable juxtaposed with other pre mentioned variables but considering other dependable factors sustaining it would yield to be fruitful in the long run. Data would be collected in relation to the gender, colour, and religion of the potential customers in respect to the composition of the management under the same parameters. Furthermore, the favourable conditions in the context of experienced customer response would also be accounted. All these variables are considered as very relevant and important features of the statistical method and it is to be seen if these aspects are fundamentally acceptable in practical world and it could well be mentioned that service, especially Islamic fund and bond, are a very relevant manifestation of the social dimensions. As a result if the test is carried out in a proper manner with proper calculations of the population involved then there is no reason that the results would be both logical and true at the end consideration. In accordance to the basic test selected it could be stated that it could be possible that the outcome would be relatively logical in the sense that it would ultimately follow the trends of social facilitation theory in marketing and thus it would be agreeable with the statistical method and thus a well formulated marketing strategy can be constructed for the benefit of the strategies of the Islamic fund and bond. However, it should be stated that there would be few independent variables in the context of the test that could not be explained by the statistical method statements. Here the ethical consideration of the potential customers or the ethnic background of the potential customers may not be a very relevant factor. Thus there could be some flaws to the collection of the population but if these aspects are kept in mind then the shortcomings would easily be negotiated during the ultimate computations. As a result the test would appear to be a full proofed measure that would be able to define and prove the fundamental aspects and statistical method applied. However it could be stated that the most basic distinction is between a quantitative or qualitative evaluation. In a quantitative evaluation, the purpose is to come up with some objective metric of human performance that can be used to compare interaction phenomena. This can be contrasted with a qualitative evaluation, in which the purpose is to derive deeper understanding of the human interaction experience. A typical example of a quantitative evaluation is the empirical user study, a controlled experiment in which some hypothesis about interaction is tested through direct measurement. A typical example of a qualitative evaluation is an open-ended interview with relevant users. As a result this method would be used widely. As descriptions of statistical methods that will be used it could be stated that in order to isolate the results for this particular study, only a survey questionnaire done would have been utilized. These questionnaires would be delivered to potential customers and retailers along with the administrators of the events. The results were divided into these same categories to ensure validity and reliability. General information in regard to identifiers was utilized in order to ensure that there would be no bias. This information provided the researcher with a more clarified view of perceptions in regard to the possibility and impact of economic, social and market penetration in the Islamic fund and bond strategy analysis of their successes and failures of their strategy. The objective in this study was to see the possible effect of the Islamic fund and bond strategy analysis of their successes and failures of their strategy. The study would in fact be balanced in its validity and reliability by results in questionnaires delivered. The objective would be to discover whether a prior knowledge of management of market segmentation would be beneficial or detrimental toward the company and their understanding of the use of strategies as marketing tools. Data would be gained from a specific area for ease of accessibility and for targeted accuracy lending reliability and validity to the research process. The variables involved would also include age groups, amount of education, and understanding of security needs and responsibility. Other variables may be inclusive of the economic standings of the potential customers of the Islamic fund and bond along with the same standings for the customers at the edge of the market segment interviewed. A third series of variables includes the types of studies that are managed and the cultural background of the customers at each of these areas. The research paradigm considered by the researcher in regard to this work included the consideration of groups and how strategically developed planning would target them. These considerations included in management and how the different respondents would in fact classify usage of event goers. The data for this work was managed through a single questionnaire handed out to potential customers and current customers of the Islamic fund and bond. The researcher utilized gender identifiers and numbers or letters to separate each questionnaire for validity and reliability of results and to ensure bias reductions. The questionnaire is located in the Appendix section for understanding of the questions. Each question had either a yes or a no answer or followed positive or negative reactions to certain questions. The process to deliver and collect these questionnaires would be spanned around approximately two weeks. The data sampling would be randomly managed utilizing stratified means with thirty-seven questionnaires completed by both male and female potential customers. The choice to use potential and existing customers alone in this research was made for three reasons. First, it was far simpler to have access to customers in regard to the researcher’s availability. Second, the focus itself is on customers’ attitudes and understanding of the gadget. Third, the quantification of such information allows the researcher to gain a broader perspective on how customers observe and realize the validity and reliability of information received from a variety of sources and how they apply it to daily life in terms of events. It should be noted that reliability for the researcher was achieved in the assurance that only a specified group of men and women were utilized in regard to the research. That group was focused mostly on customers and retails along with administrative personnel. This gave the research a more focused view of the research goal. The validity was managed as a result of this focus and emphasized in the considerations involved in the data collection, variables, and sampling methods. Privacy and confidentiality methods included assigning numeric and alphabetic coding to each responding questionnaire. This ensured anonymity in regard to the researcher and the subjects of the research process. Thus the most important objective of the interviews regarding this study concerning the market segment of the Islamic fund and bond would be building an impact regarding the profitability of this market for the stakeholder. As a result the study would feature qualitative interviews of personnel and personalities that are well known to the arena of marketing and a huge amount of potential customers who would provide complete views of their needs through as series of open and close ended questions. The interviews and questioners would certainly include the Administrators, Managers, marketing experts and Scholar, senior managers and obviously the potential customers of the Islamic fund and bond. The involvement of the administrators is a logical conclusion as this is the main stronghold that would be able to render the impetus of the market with his valued opinions. It should be noted that the interviews of the organization managers would be very helpful as they are the personnel who directly understand the ground reality of the nature and feasibility of the game plans established in the market segments of the Islamic fund and bond Strategies. Marketing and cosmetic industry management scholars and experts are also important for the basic strategy development these are the people who would be able to provide the theoretical framework of entire project. Interviews of the senior administrators, Journalists and retailer are very important because not only these people are well respected and their words highly valued, these are the people who are able to influence the structure of the Islamic fund and bond Strategies with their experience and insights. Lastly, interview would also be taken of experienced and potential consumers because they are the key objective of the entire scenario and these are the people who would actually present the objective of the market and would be instrumental directly to make the market worth venturing. To sum it up it should be mentioned that the methodology will involve client interviews, client’s strategic customer interview, event records, secondary research through the Internet and university database, it will also use strategic analysis tools for development of the marketing plan. In this context it should also be mentioned that the purpose of the project is formulated in a mutually beneficial way such that from an academic perspective there would be a huge gain in the context of valuable experience, and simultaneously add value by providing insights as well as a fresh & objective outlook on any matter relevant to the organization. Method of Analysis Information from the interviews will be classified into meaningful categories, which can be derived from the objectives and the literature. In using this categorisation approach, the data can be ordered and summarised according to the topic areas discussed and the depth of information attained. This could be done by establishing a suitable matrix and entering the data into the appropriate cells. However, it is essential to ensure that the categories devised are a coherent set so that the analytical framework is well structured and allows for effective analysis. This approach will allow the researcher to identify the most prevalent opinions and viewpoints as well as identifying polarised opinions. The analysis will help to draw out key themes and relationships, which will hopefully establish meaning in the data set. The key themes from the two types of interviewees can often be compared and contrasted in an attempt to create a clearer understanding of meaning. Lamb suggests that when existing theory has been used to formulate objectives, the theoretical propositions that enabled the researcher do this can also be used as a framework to help organise the data analysis. A clear theoretical framework was not used to establish the research question, although the objectives do acknowledge the relevant theory, so it is possible to use some theoretical framework to assist in the data analysis. The secondary data analysis will be used to support and augment the primary data. Analysis and Findings Analysis of information in regard to research managed by the researcher must include complete and full understanding of the questionnaire. This understanding focuses in the use of the questionnaire created specifically for this process. It is the considerations realized within the questionnaires, no matter their simplicity, that will focus considerations in later chapters of this work. Within this section of Analysis and Findings there will be measurement of all responses in regard to the questionnaire. Analysis strategy included a full series of statistical diagrams of all information collected including positive and negative responses, gender variations and marital status. This strategy provided the researcher with a wider spread for the conclusions that became evident in regard to the researcher’s focus. This information was broken down into specific charts for the benefit of visual context. The visual context provided insight in regard to perceptions of credit use and considerations by collegiate consumers in regard to financial planning and execution. These perceptions and considerations provide the researcher with evidence to support the hypothesis made in that there would in fact be adverse affects in the abuse of credit and that the use of credit, if not held in check, could in fact have auxiliary outside influence on other portions of daily life for collegiate students and perhaps for those outside the realm of collegiate studies. The researcher held awareness of the potential for study in regard to Islamic fund and bonds and their use or abuse through many methods. Those methods include observation, interaction and extensive research. The awareness of the media discussions of credit usage amongst collegiate level men and women and the similar studies within this idea would in fact have influenced the choice made. The choice of analyzing how students amongst this particular collegiate population would in fact consider their credit use and knowledge allows for a singular perspective isolated from the more broadly painted view including financial advisors, professors, parents and more. The focus itself was on the students and how they absorbed this information from the various resources available before applying it to their personal financial decisions. Overall, the respondents to the questionnaires provided insight in regard to how many individuals are learning more and more about financial management. This also provides insight in regard to some steps financial entities including banks and Islamic fund and bond issuers might consider in regard to further educating the general public, starting at the younger ages including collegiate level students and providing access to learning materials in this regard. The concern for this researcher would in fact be the lack of true knowledge in regard to Islamic fund and bond debt and its downfalls. The fact that there is much higher usage of Islamic fund and bonds and other forms of credits now than in years past causes more concern in regard to how to manage that growth of Islamic fund and bond debt in future endeavours. Limitations However, it should be mentioned there are certain limitations of the study. A number of people (usually senior administrators) may also insist that the consumers have no contribution to the issue. Many of them may think that consumers come into the working formulation only during the advertising scenario and never in the development plan of the marketing procedure. As a result they do not use the requisite strategic management techniques or adaptive methods that need to be exercised while developing a study such as this. However, it creates a void in the test as this limitation can be overcome by taking the subject into better mode of confidence. However, at the same time, it should also be noted that there are certain limitations regarding the methodology of the interview aspect. It could be mentioned that past history has shown that it is not always people revealing a context in a survey or interview holds much truth in the long run in general sense. This is one variable that is able to corrupt any well formulated strategically set formulations. But this again is a possibility and not the general rule. At any case it should be noted that all steps would be taken with utmost care so that such variables are not allowed to upset the basic test of market segmentation beyond a certain permissible limit. If all these parameters are well implemented there could be no reason why a long term strategy for operation in a full length marketing penetration and procedure cannot be established. Conclusion The understanding of this information gathered is proven in the statistics within the questionnaires that were completed and submitted. The research found that all respondents understood the material being requested and filled the questionnaires accordingly in timely fashion. This information was then examined thoroughly for consistency and validity. The researcher now understands that there is a great deal of diversity in the understanding of financial matters based on how those financial matters are taught to individuals whether through personal research, a parent, a bank representative, friends or other family members. The number of participants who pursued avenues toward understanding was surprising to the researcher in that there were far more to ask advice and to heed initial learning methods in regard to financial stability and concerns. The majority of respondents claim to have been taught financial management by a parent. Twenty-six respondents gave this as their response. Twelve also claimed that a professor had been beneficial in their learning. Bank representatives comprised eleven responses to the inquiry and six employers. The numerous choices for other methods of learning financial management included one grandparent, five respondents claimed their friends, two said internet resources, and one said society while two would actually work in the field. The diverse, yet incredibly stratified methods for learning and understanding financial management provide the researcher with interesting insights on how well these financial management methods are learned. Of the thirty-seven respondents to the questionnaire, the majority, including twenty-six respondents stated that they did inquire as to advice prior to application toward credit. This is intriguing to the researcher as it proves that students are understanding more and more in regard to their financial stature. Regarding whether positive or negative effects are seen or felt in regard to credit, most respondents claimed positive effects were seen. That number included twenty-one respondents with sixteen claiming there were more negatives than positives. When asked whether the students felt targeted by credit advertisers, the overwhelming response was yes with twenty-five respondents stating this. The remaining twelve said they didn’t feel targeted. The respondents overwhelmingly responded positively toward the need of courses on financial management. When asked if credit issuers were doing enough to educate consumers, the response was negative for the majority of respondents. When asked whether college campuses should provide financial planning assistance and credit understanding for students, the overwhelming majority of thirty-six to one said yes. The same response came in regard to having financial managers from banks and other financial institutions working with the college campuses for educational purposes in regard to use and abuse of Islamic fund and bonds and other forms of credit. Factors that manage approval of studies such as this one in regard to Islamic fund and bond use and abuse on college or university campuses would include the verifiable reports of credit usage by agencies including credit issuers, banks and debt management corporations. The rise in bankruptcies and such provide a very thorough glance into the behaviour of consumers and how that behaviour in the use of credit is affected by their ready knowledge of credit facts and figures. The researcher finds that the hypotheses made in the progression of the research would indeed have been validated through responses from the selected population. 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