A major bank in the country wants to launch a new investment scheme. However, they are not sure whether it will be a success of failure among the consumers. To arrive at a conclusion, they may outsource the research activities to a well-known research firm in the city. The bank has asked the firm to submit a research strategy by the end of the coming week so that the bank can decide if it would be feasible for them to move further. Answer the following questions: What is the purpose of having a research strategy? Discuss the various research strategies that you know about.
Research strategy helps a researcher choose the right data collection and the analysis procedure. It provides insights into the research problem and hence helps in achieving the research objectives.
Various methods that can be used include interviews, observations, open-ended surveys and focus group discussions.