Theoretical models in research

 

Market Research

Theoretical models

 Model is defined as representation of a system that is constructed to study some aspect of that system or the system as a whole.

For example: Early model-mainframe computers were expensive and incomprehensible compared to the existing modelling software -Excel which is  inexpensive and accessible.

Models allow researchers and managers to characterize present or future conditions. The purpose of each model is to increase understanding, prediction, and control of the complexities of the environment.

Types of models

There are 2 types of models used in research and classified as;

1. physical models

2.symbolic models

1.Physical models :

Physical models give the appearance of real system,as such, these include toys and photographs.Physical models depict the system and also not easily manipulated. This makes them of little value for purpose of analysis and prediction ,and these are the least abstract of all models. 

Subtypes of physical models

1.1 Iconic model 

Iconic models represent the system as it is but in different size .They are obtained by enlarging or reducing the size of the system. Iconic models are images.

For example: photographs ,drawings ,model airplanes, engines ,globes ,maps etc .A toy airplane is an iconic model of a real one.

1.2 Analogue models 

In these models, one set of properties is used to represent another set of properties .After the problem is solved the solution is reinterpreted in terms of the original system.

For example: colour lines on a map are analogue of elevation as they represent the rise and fall of heights.

2.Symbolic models

In this model ,letter ,numbers and other types of mathematical symbols are used to represent variables and the relationships between them. These models are mathematical equations or inequalities reflecting the structure of the system.

For example: inventory models, queuing models,etc.are examples of symbolic models. As most of these models are abstract models, they usually general in nature.

Subtypes of symbolic models

2.1Mathematical models

These models are described by means of mathematical symbols and equations ,and therefore , known as mathematical models.

For example : simulation model

2.2 Function model

When models are grouped according to the mathematical functions used are called function models.

 when the analyst main function/aim is to acquaint the growth pattern of a consumer demand ,such type of models are the examples of function model.

2.3 Quantitative models 

Models that can measure the observations through a yardstick, unit of measurement of length value ,degree of temperature, etc. are quantitative models.

2.4 Qualitative models

Models that can be classified by the subjective description in terms of numeric data are called qualitative models. Examples of these are the economic and business models which represent the gathering and representation of data pertaining to economic or Business Research problem respectively.

2.5 Heuristic models

These models are mainly used to explore alternative strategic (course of action )which have been overlooked previously ,using mathematical models to represent systems that define strategies.