The decision about the approach depends upon your objectives of research. Qualitative research is more focused on "theory" and researchers tend to address different "research questions". It is aimed at gaining a deep understanding of a specific problem, rather a than surface description of a large sample of a population and explicit rendering of the structure, order, and broad patterns found among a group of participants. Qualitative research uses interviews, focus group, observation as the data collection method.
Quantitative approach allows the researcher to examine the relationship between the two or more variables. However, in quantitative research, the focus is more on "hypotheses" which, at the end of research, either get accepted of rejected.
It is increasingly usual for business research to mix methods of data collection and analysis. This can be done by using different data collection methods which are all either quantitative or qualitative, or you can use both qualitative and quantitative data collection and analysis methods (e.g. survey, interview, data-point measurement and action research), a mixed method approach. One of the reasons for this is “triangulation” where different methods of data collection and analysis will both enrich and confirm the picture you collect of a situation. Often survey results are used to map out a broad view of the research question, and to provide themes or areas for investigation in more depth through interview. Triangulation can also provide a check on findings from a particular method.
Qualitative and quantitative research work together well. Often, the front end of the research process is more qualitative in nature (identifying and clarifying the problem, purpose of the study, and even the review of the literature etc), while the back -end tends to be more quantitative (data collection, database design, and using statistical methods (to answer research questions and test hypothesis).
Often qualitative research is bound by more low level data (nominal or ordinal level) and prose-based analysis, while quantitative research incorporates higher level data (ordinal or interval level), allowing for deeper statistical analysis.
I feel qualitative research can stand on its own, while quantitative research requires, at minimum, some level of qualitative methods. Programs such as NVivo have helped evolve the strength of qualitative research as a stand-alone methodology.
I will provide an answer and a simple explanation as to why. I believe that both qualitative and quantitative methods are not only useful, but necessary. The reason is that the two approaches respond to different needs. Quantitative methods help answer the question of if a procedure as effective or not? Qualitative methods help determine why or why not a procedure works plus is useful in developing research questions and hypotheses. In a sense, qualitative hangs the meat on the quantitative bones.
As usual, there is a lot of emphasis here on the how the method must fit the question. But I believe that it is just as likely that people ask questions that fit their preferred methods. After all, once you have built up expertise in qualitative methods, are you going to abandon that because a particular question points to the use of a random sample survey -- or wouldn't it make more sense to adjust your question to something that matches the skills you already have? (And of course the same is true of making a radical switch from quantitative methods to qualitative.)
I think it would be hard to find a research topic so narrow that it could only be addressed by qualitative, quantitative, or mixed methods. Instead, I think that people pursue an inter-connected search for satisfying kinds of questions and satisfying kinds of answers, where the latter depends on the kind of method that you use.
Thank you all for the your valuable answers. While reading on literature based on Research methods and criticisms, I thought of finding out the general feel among people in research.
It depends on different factors whether to use any one of these methods. If there is not enough available literature or specific theory expect grounded theory then the researcher is more likely to go for qualitative methodological approach. On the other hand, if there is a good number of previous studies and there is a theory, but still some gaps exist and the problem is still not solved, then , quantative method is used. In qualitative research, the researcher builds a theory while in quantitative research, the researcher develops the theory. Some of scholars argue that the use of any method will depend on the philosophical views and how the researcher views the problem whether he or she is part of problem or not( objective and subjective). The philosophical stance and the type of problem needs to be solved are considered as important factors in choosing which method the reseacher selects..