Research Methodology on Pet Coke Market
Introduction
Research is an umbrella term for a set of methods and processes used to collect data that helps answer a defined problem in a timely and cost-effective manner. A research methodology defines a comprehensive plan that needs to be followed to get reliable data surrounding a research question. Research methodology is an interdisciplinary and multi-layered subject that incorporates several elements, including the information procurement process (primary and secondary research), approaches used (such as bottom-up approach, top-down approach, factor analysis, time-series analysis, and demand side and supply side data triangulation) to obtain data related to the research problem. The research methodology serves as an umbrella that comprises several elements, interlinked by a set of procedures, which in turn can be orchestrated together to answer the research question.
The purpose of this research is to evaluate and analyze the Pet Coke Market discussed in the report by Market Research Future, comprehensively understanding the industry dynamics, structure and major stakeholders. This research methodology will discuss the process of obtaining information from primary and secondary sources, and also elaborate on the approaches used such as bottom-up approach, top-down approach, factor analysis, time-series analysis and demand side and supply side data triangulation.
Research Process
The research process begins by determining the research objectives and by research questions relevant to the problem. Afterwards, the research methodology is developed. It is the blueprint of the research, which defines the channels for data collection. The research process also includes selecting the research design and data collection methods, followed by data analysis and interpretation which helps to evaluate the research objectives.
Information Procurement Process
Data collection is the foundation of any research project. Data is collected from both primary and secondary sources. Primary data is specific to a given research problem that is collected by the researcher and cannot be accessed from other sources. On the other hand, secondary data is data that has already been collected by someone else; thus, it is publicly available to other researchers.
Primary Research
Primary data was collected via online surveys of people in the age group of 20 to 60 years in India. Sample selection was done using a convenient sampling technique. Convenient sampling technique is one wherein the sample is selected based on the accessibility of the participants. Participants for the online survey were recruited via social media platforms such as LinkedIn, Facebook, Quora and Twitter; however, for ethical reasons, the details of the online survey have been kept confidential.
Secondary Research
Secondary research was conducted to obtain information on the pet coke market in India. Secondary data sources such as industry websites, published reports, white papers, and official documents were used. Additionally, annual reports, company publications, periodicals, trade journals, and online databases like EBSCO, STATISTA, Google Scholar, Scopus, Bloomberg, Industry ARC and others were consulted for obtaining secondary data. The data collected from these sources was thoroughly cross-checked for accuracy and reliability.
Approaches Used
This research was conducted through a variety of approaches such as bottom-up approach, top-down approach, factor analysis, time-series analysis, and demand side and supply side data triangulation for data analysis and interpretation.
Bottom-Up Approach
The bottom-up approach was used to analyze the Pet Coke Market in India. This approach involves analyzing information from the smallest parts and eventually coming up to the whole, that is, the entire market. With the bottom-up approach, past market trends were considered to forecast the future trends of the pet coke market in India.
Top-Down Approach
The top-down approach was used to study the drivers that govern the Pet coke market growth in India. This approach involves analyzing the entire market and then breaking it down into smaller parts. This approach was adopted to provide detailed insights into the drivers that could aid market expansion in the future.
Factor Analysis
Factor analysis was conducted to analyze the different factors influencing the growth of the pet coke market in India. This technique identifies several major and minor factors leading to the increased demand for pet coke so as to understand the market dynamics thoroughly.
Time-Series Analysis
Time-series analysis was conducted to analyze the past trends of the pet coke market in India. This technique helps in foreseeing the future market scenario based on past market developments.
Demand Side and Supply Side Data Triangulation
Data from the demand side and supply side was collated and collated to gain further insights into the pet coke market in India. This data triangulation approach was used to understand the market competitiveness and further forecast the market estimates.
Conclusion
This research methodology outlined the comprehensive plan used to answer the research question posed. Data was collected from both primary and secondary sources. Primary data was collected via online surveys and secondary data was collected from various publicly available sources. The research adopted various approaches such as bottom-up approach, top-down approach, factor analysis, time-series analysis and demand side and supply side data triangulation for data analysis and interpretation.
