Introduction
Data collection involves the acquisition of information through systematic observation or measurement. Regardless of who the research is intended for, gathering data provides the opportunity to gain first-hand knowledge and fresh perspectives on the study’s obstacles. The study focuses on gaining insights into new markets and social media as their key research perspective. The study identifies the appropriate data collection plan and the tools used. It will additionally incorporate gathering data using the identified tools using a different set of sources. Data analysis methods and tools for analyzing the available and collected data are available in the discussion. The study topic involves the influence of social media on new markets and how it drives new product knowledge.
Data Collection Plan
Data collection for the study is done through primary and secondary collection methods. The primary data collection will involve gathering all the necessary data from the main source and incorporating quantitative and qualitative methods. The qualitative methods will be based on non-quantifiable opinions and emotional feelings (Pěnička et al., 2019). The methods will be represented by open-ended questionnaire tools and conducted on online forums, in-depth interviews, groups, web survey chats, and online communities. The qualitative data collection methods will be based on numbers that will urge the need for calculation for deducing. Questionnaires will be used during this collection method and will be based on close-ended questions for arriving at figures that will mathematically be calculated. The data collection methods used during the quantitative collection are mail, online, and face-to-face.
Secondary data collection will involve gathering secondary data and will be conducted by an individual who is not the initial user. It will involve collecting existing data, published books, online portals, and journals. The secondary collection method will be used to gain insights into the previous research and findings about the study objective. Primary and secondary data collection methods will be used due to the scope, nature, and objectives the research tries to achieve.
Data Collection Instrument
The project’s primary method of data collection will be the use of questionnaires to gather information from a sizable number of respondents. A set of predetermined questions will be sent out to the people in the study to collect the needed information (Beeker & Holdorf, 2019). The questionnaire will contain the research questions and demographic information about the respondents. Since this strategy allows the researcher to collect a large amount of data swiftly, it will be selected and employed in most surveys. The instrument will protect the respondent’s privacy by not requiring them to reveal their identity.
Structure of the Questionnaire
Researchers will employ questionnaires to get a deeper understanding of their thoughts on the study topic. The questionnaire will be divided into two sections. The first section will be the demographic features of the respondent and will be used both for analysis and disqualifying untargeted respondents. The second part of the questionnaire will involve having closed-ended questions for the qualitative survey and open-ended questions for the quantitative survey. A well-crafted questionnaire will be easy to administer and grade, both for the researcher and the literate participants. Given the delicate nature of the survey, the ability to ensure respondents’ anonymity so they feel comfortable providing honest comments is a major strength. The research questions will be based on the aims and objectives the study tries to achieve (Taherdoost, 2019). The second part uses a Likert scale, with answers ranging from 1 to 5.
Data Collection Methods
Data collection for the study topic incorporates primary and secondary sources for gathering qualitative and quantitative data for analysis. Their research uses questionnaires, interviews, direct observation, and social media monitoring for primary data. For secondary data, the data that has already been gathered for collective use is used for the research (Moser & Korstjens, 2018). These data sets had been previously collected by primary sources but kept to make reference. It involves using journals, books, and online sources to reference.
Interviews and Focused Groups
The researcher either engages in in-depth interviews with a sizeable population in extended phone calls with many people or distributes questionnaires to many individuals. This is by far the most prevalent approach that is taken when acquiring information (Moser & Korstjens, 2018). Focus groups, analogous to interviews, are used in many different contexts. Under a moderator’s direction, a group of six to twelve people is brought together to discuss a topic.
Social Media Monitoring
The researcher keeps tabs on how people talk about your brand, products, or industry on numerous social media platforms. In addition to measuring key performance indicators like brand sentiment and customer satisfaction, the researcher uses this as inspiration for future blog posts and marketing campaigns (Zubiaga et al., 2018). The researcher can involve in passive social media monitoring that involves listening to see what others are talking about or actively searching for your brand, campaigns, or other activities. The is conducting quantitative research (metrics and analytics) and qualitative research by keeping an eye on this information (the inspiration for posts and strategies).
Questionnaires and Observation
The participants are given a list of questions to answer, and depending on the nature of the problem, the questions may be open-ended or closed-ended. The researcher uses questionnaires to learn more about the thoughts and feelings of a group of respondents. By using questionnaires, the researcher can collect both quantitative and qualitative information (Moser & Korstjens, 2018). For observation, the researcher closely observes the actions and habits of the target audience while employing an instrument for acquiring information and subsequently records this information in text, audio, video, or any other raw media. The information is collected in an unmediated manner by simply questioning the subjects. One method is to watch several customers to see how they respond to the goods on display. After receiving the data, the researcher transfers it for processing, and a correlation is drawn from it regarding the research topic.
Existing Record Review
The researcher identifies data that has already been collected and is being used again for the same or a different purpose. Data of this sort was originally collected from primary sources, and it can come from either inside or outside the organization. The researcher uses internal and external sources to retrieve information about the research topic (Moser & Korstjens, 2018). The internal sources include market data, sales data, transaction data, customer data, and accounting resources. The researcher can use journals like trade magazines, business journals, customer personal information, financial statements, and internet searches.
Data Analysis Methods and Tools
Data analysis is examining data using statistical methods to get useful insights. Data analysis is essential to understand consumers, increase sales, improve customer targeting, reduce costs, and create workable solutions to problems. The two primary methods for analyzing data are qualitative and quantitative (Moser & Korstjens, 2018). These data analysis methods can be used singly or in combination to help executives and other decision-makers gain useful insights from various data sources.
Data collected on new market and social media research will undergo an examination using descriptive statistics. On completion of the data collection exercise, the questionnaires are checked to see whether or not they have been cleaned up appropriately before the coding process begins. The study findings are retrieved by entering the data into SPSS version 25.0. Every one of the research variables has been analyzed and documented in preparation for coding (Moser & Korstjens, 2018). Following this, the data are evaluated to establish the minimum, maximum, median, and mode values and the mean and standard deviation. To undertake analysis, one must first make sense of the research findings. The study results are then communicated to a wider audience through statistical summaries such as percentages, tables, and charts.
Correlation and regression analysis are utilized to conclude the data for this research. Applying regression analysis, we will determine the nature of the relationship between the dependent and independent variables. The regression analysis will employ a specific formula to give complete results that may be used for decision-making (Moser & Korstjens, 2018). The data analysts will also employ content analysis to identify patterns in various discourse types. Patterns indicative of the message’s intent, meaning, and impact can be uncovered through content analysis of recorded conversations. It will also help identify content authors’ motivations and the subsequent impact on their target demographics.
Conclusion
The research aims to identify the appropriate data collection plan to incorporate effective data collection tools. Data collection entails the systematic acquisition of information using observation or measurement. Data collection provides an opportunity to gain first-hand knowledge and build novel perspectives on the study’s difficulty. Data collection for the study is done through primary and secondary collection methods. Primary data collection tends to collect data from the main source directly as opposed to secondary data that relies on a third party. A regression analysis is employed for the data analysis to determine the relationships between social media and new markets. Content analysis will be used in addition to the regression to help identify relationships in discourse data types.
References
Beeker, R., & Holdorf, P. (2019). Eyes on the Family Court: Creating an Effective Data Collection Instrument. Family & Intimate Partner Violence Quarterly, 12(1).
Moser, A., & Korstjens, I. (2018). Series: Practical guidance to qualitative research. Part 3: Sampling, data collection and analysis. European journal of general practice, 24(1), 9-18. Web.
Pěnička, R., Faigl, J., Saska, M., & Váňa, P. (2019). Data collection planning with non-zero sensing distance for a budget and curvature constrained unmanned aerial vehicle. Autonomous Robots, 43(8), 1937-1956.
Taherdoost, H. (2019). What is the best response scale for survey and questionnaire design; review of different lengths of rating scale/attitude scale/Likert scale. Hamed Taherdoost, 1-10.
Zubiaga, A., Aker, A., Bontcheva, K., Liakata, M., & Procter, R. (2018). Detection and resolution of rumours in social media: A survey. ACM Computing Surveys (CSUR), 51(2), 1-36. Web.
Appendix
Questionnaire for Respondents
Section A: Background Information
Kindly fill in the blank spaces and tick where appropriate.
Number of years that you have been on social media?
- Less than 1 [ ]
- Between 2 and 5 [ ]
- Over 5 Years [ ]
Sex:
- Male [ ]
- Female [ ]
What is your age bracket?
- 18-39 [ ]
- Over 40 [ ]
Indicate your highest level of education.
- Secondary level [ ]
- Tertiary / middle level college [ ]
- University Degree [ ]
- Masters/PhD [ ]
Section B: Research Questions
Kindly rate the extent to which you agree with the following statements regarding the relationship between new market and social media
Key:
- 5 – Strongly Agree,
- 4 – Agree,
- 3 – Undecided
- 2 – Disagree,
- 1 – Strongly Disagree