SAMPLING

Question 1

What is sampling

Answer 1

Conducting market research on a group of customers chosen to be representative of the entire market.

Question 2

What is a random sample

Answer 2

a sample is selected for study where each individual is chosen entirely by chance and has an equal chance of being chosen. - A business may choose 1 in 3 of its customers to fill out a survey.

Question 3

What is a stratified sample

Answer 3

This is where the proportion of those sampled is representative of the market as a whole. For example, if 24% of the market are aged between 15 and 21, 24% of those sampled should be as well.

Question 4

What are the benefits of sampling

Answer 4

Better understanding of customers - Can align that with product development and marketing

Can be used to collect both qualitative and quantitative data

Samples allow conclusions to be drawn quickly and relatively accurately

Question 5

What are the difficulties of sampling

Answer 5

Picking a sample that is truly representative of the whole market

Does the sample chosen actually represent the customers who buy the product?

Difficulty sampling certain groups of customers (i.e working mothers)