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1789786
Sampling
Description
Bussness Studies As Sampling mind map for revision purposes.
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bussness
Mind Map by
Matthyis
, updated more than 1 year ago
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Created by
Matthyis
almost 10 years ago
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Resource summary
Sampling
Introduction
A sample is a group of consumers who are r epersentative of the population
A population is every single potentuial customer for a product or service
Sampling is a term given to how a sample is chosen
Important concept of primary market research
The sample size is the number of people in the sample
A sample is a group of people that is intended to repersent the overall population
Market research s amied at understanding a market as a whole.
Main Methods of sampling
Random Sample
Gives each member of the population equal chance of being in the sample
No bias is introduced if done correctly
Expensive as a large amount of results are needed to get a repersentitive sample of the population
Quota Sample
Invloves the population being broken up in to groups that specifc carataristics
Can help research focus on a target market
Takes up more time than random sampling and can generate bias
Stratifed Sample
Used when researchers want to provide insights into a specifc market segmant
Has the benifit of being random and is not expesnive
Low bias
Small group means that even though its random not as many tests are needed thus reduceng costs
Factos Effecting Sample size
Market research should be low cost or free
Type of Product
Existing producs may have existing secondary data
A new product is lesslikly to have relervent secondary data available
Level of risk
The newer the product and the more invested the greater the risk
Primary reseach can help reduce risk
Probems with primary research
Human Behavior
When in a purching situation a consumer would behave diffrently
Bias
The sample may not be big enugh to be repersentative of the population
Other forms of bias
Manor in whihc question are written and behavior in interview may effect result
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