All kinds of research studies lay emphasis on data collection methods since inaccuracy in data collection could greatly impact on the findings of that study on which kind of products that PiggyBank would successfully need to market. However, the inaccuracy will also affect the results. The data collection methods could be broadly categorized as qualitative or quantitative but there are various data collection tools ( Eau Claire).Among the most commonly used data collection tools include self administered surveys which involves the administering of questionnaires to respondents on what they feel regarding the new credit card that will offer incentives for certain kinds of transactions. Moreover the use of questionnaires as a tool will appropriately be applied best when the data collected is intended to offer a description of the characteristics of a big population.
Another tool for data collection may be the use of personal and in depth interviews where the researcher asks oral questions and records answers given by the respondents.These interviews are mostly important when collecting data from the bank’s potential customers who may not have time or interest to fill in surveys. Focus groups could also be used and involves the identification of a group of people who possess a particular characteristic which will be engaged in a discussion so as to come up with qualitative data. These groups are useful in the provision of opinions that are otherwise not covered in personal interviews or self administered surveys (OJJPD, pp. 1-5)However, it is important to note that there are some issues that may arise in the course of data collection. Such issues include potential biases in the selection of respondents, information bias which means that the interviewer’s perception of the collected data may tend to lean on one direction that favours his biases.
Further still, there could be a mixture of effects from the collected data and this may lead to wrong conclusions in determining which products should be introduced to the market by PiggyBank (Garret, 2001).
