Business Finance Homework Help

I’m working on a marketing multi-part question and need an explanation to help me understand better.

For this final piece of your project, you will identify how you would evaluate the effectiveness of the marketing plan. Keep in mind that to do an evaluation, you would need to collect data on the target market and the competition. Here is a recap of the quantitative and qualitative data collection methods described in this chapter:

QUANTITATIVE DATA COLLECTION METHODS

• Quantitative Surveys
• Interviews
• Quantitative Observation
• Experiments

QUALITATIVE DATA COLLECTION METHODS

• Face-to-Face Personal Interviews
• Qualitative Surveys (paper or web-based questionnaires)
• Focus Groups
• Documental Revision
• Observation
• Longitudinal Studies
• Case Studies

Respond to the following prompts:

1. Identify how you could evaluate the effectiveness of the marketing plan. Keep in mind that you need to collect data on the target market and the competition.

2. Identify two specific quantitative data collection tools (quantitative data comes in the form of numbers) you should use and explain how they can help you evaluate the marketing plan.

3. Identify two specific qualitative data collection tools (qualitative data comes in the form of words and sentences) you should use and explain how they can help you evaluate the marketing plan.