Real Estate Marketing Research Q2

When the purpose of research is to gain familiarity with a phenomenon or acquire new insight into it in order to formulate a more precise problem or develop hypothesis, the exploratory studies (also known as formulative research) come in handy. If the theory happens to be too general or too specific, a hypothesis cannot be formulated. Therefore a need for an exploratory research is felt to gain experience that will be helpful in formulative relevant hypothesis for more definite investigation.

The results of exploratory research are not usually useful for decision-making by themselves, but they can provide significant insight into a given situation. Although the results of qualitative research can give some indication as to the "why", "how" and "when" something occurs, it cannot tell us "how often" or "how many".

Exploratory research is not typically generalizable to the population at large. [Take for example, exploratory research into types of material used in fencing the garden may in fact be the survey of hardware shops in the vicinity of the housing estate. Based on this survey, the finding may be tailored to the neighbourhood, but not the the entire city or province.

It may be due to frequent break-in that such steel materials are preferred in the neighbourhood, but the general population in fact like wooden fencing rather than metal fencing.]

Descriptive Research
Descriptive research is used to describe characteristics of a population or phenomenon being studied. It does not answer questions about how/when/why the characteristics occurred. Rather it addresses the "what" question (What are the characteristics of the population or situation being studied?)

The characteristics used to describe the situation or population are usually some kind of categorical scheme also known as descriptive categories. For example, the periodic table categorizes the elements. Scientists use knowledge about the nature of electrons, protons and neutrons to devise this categorical scheme. We now take for granted the periodic table, yet it took descriptive research to devise it. Descriptive research generally precedes explanatory research. For example, over time the periodic table’s description of the elements allowed scientists to explain chemical reaction and make sound prediction when elements were combined.

Hence, research cannot describe what caused a situation. Thus, Descriptive research cannot be used to as the basis of a causal relationship, where one variable affects another. In other words, descriptive research can be said to have a low requirement for internal validity.

The description is used for frequencies, averages and other statistical calculations. Often the best approach, prior to writing descriptive research, is to conduct a survey investigation. Qualitative research often has the aim of description and researchers may follow-up with examinations of why the observations exist and what the implications of the findings are.

[In the manner of real estate, descriptive research is for example a study of people who like to buy condominium rather than landed property. The finding would probably point to executive level, young adults and probably ladies who are educated.

This finding may describe the type of people who prefer condominium living, but it does not specifically provide reasons for such occurrence. We can only deduce that probably they are busy people who do not have time to take care of the garden, or who are afraid of break-in or due to their income bracket, etc.]

Causal Research
Causal research (also referred to as explanatory research) is cause-and-effect research.

The objective of causal research is to test hypotheses about cause-and-effect relationships. If the objective is to determine which variable might be causing a certain behavior, i.e., whether there is a cause-and-effect relationship between variables, causal research must be undertaken.

In order to determine causality, it is important to hold the variable that is assumed to cause the change in the other variable(s) constant and then measure the changes in the other variable(s). This type of research is very complex and the researcher can never be completely certain that there are not other factors influencing the causal relationship, especially when dealing with people’s attitudes and motivations. There are often much deeper psychological considerations, that even the respondent may not be aware of this is not true.

[For example, a study of level of crime and the demand for gated and guarded community is a causal research. The cause - crime, and the effect, the safety living are cause-and-effect relationships. However, such study may be interfered by conditions of socio-economic status of the area. For instance, given a poor state of economy where people are not able to afford high maintenance cost of gated and guarded community, the study would probably reveal no difference as majority of the respondents are not receptive of the new idea of community living due to cost. The study may in fact, reveal the issue of land scarcity which results in high density living, and thus the high crime rate.]

Ref:
Wikipedia search 'Exploratory Research, Descriptive Research and Causal Research', available at
http://en.wikipedia.org/wiki/Exploratory_research
http://en.wikipedia.org/wiki/Descriptive_research
http://en.wikipedia.org/wiki/Causal_research
[x] own account are the examples.