How to Analyze and Interpret

Quantitative Data
Quantitative data is information obtained through telephone or mail
surveys with relatively large sample size. Quantitative data is more
reliable than small sample qualitative data from focus groups in
predicting future consumer purchasing behavior. The process of
analyzing survey results, where information is often compiled into
data tables for easy reference, is known as quantitative data
interpretation. Marketing researchers interpret quantitative research
data in a variety of ways.
Identification- Analyzing the results of various questions in a survey is an
example of quantitative data interpretation. In data tables, the results are typically
displayed numerically and as a percentage. A small business, for example, may
conduct a customer satisfaction survey over the phone. A marketing research
manager is particularly interested in the number of people who are "very" or
"somewhat" satisfied with the product. Assume 300 customers responded to the
question, and 250, or 83 percent, were extremely or somewhat satisfied with the
product. The data would most likely be interpreted positively by the company,
indicating that customers are generally pleased with the product.
Significance- When interpreting data, most marketing research professionals look
for significant differences. These distinctions are especially important when
comparing survey results from different time periods. Customers, for example,
maybe asked to rate a small company's customer service department on
professionalism, accuracy, timeliness, and whether or not the problem was actually
resolved. Although improvements may have been made in all of these areas, the
results of timeliness may have been the only significant improvement. As a result,
the interpretation would be that the only significant improvement in customer
service was in timeliness. All other findings would imply only anecdotal
improvements.
Function- The interpretation of quantitative data is only one aspect of a
survey's overall analysis. The research manager must also consider how
the information can be used to benefit the company. Marketing research
is conducted by businesses to identify a problem or to learn about the
needs and preferences of their customers. According to the article
"Conduct a Market Analysis" at VA-Interactive.com, the data is
meaningless unless the company uses it. For example, if a company
discovers that customers are more likely to buy a new product priced
between $18 and $20, the company should price the product accordingly.
Consideration– When interpreting survey results, small businesses should use
secondary and qualitative data in addition to quantitative data. Secondary information
includes market size, key competitor information, and even industry growth.
Companies that sell secondary research include Nielsen, the TV rating company, and
the NPD Group. Qualitative data is typically collected through observation and focus
groups, which have small sample sizes. Companies should make use of all available
information in order to better interpret quantitative research data and, as a result,
make better business decisions. For example, while quantitative data may indicate
that consumers prefer a company's products, the information may be overshadowed
by secondary research indicating that better technology is on the way.
Prevent/Solution- Quantitative data interpretation can assist
businesses in identifying market opportunities. A small tea
distributor, for example, may discover through quantitative
research that retail customers use their product for medicinal
purposes. Based on these findings, the company may
conclude that there is a new market for their product and
that it should consider distributing it in health food stores.
 References
https://smallbusiness.chron.com/quantitative-data-interpretation-
3300.html