Presentation on theme: "Market Research : Sampling A sample means a part of a larger group If I asked all of you how many of you know the Capital of China ? and 50% got the right."— Presentation transcript:
Market Research : Sampling A sample means a part of a larger group If I asked all of you how many of you know the Capital of China ? and 50% got the right answer – can I then say 50% of 16-19 yr old know the capital of China?
Sampling Interview or give questionnaires to everyone 20 - 30 year old Females who drive (probably 200,000 + people In this group Sample of 1000 (representative)
Sampling Methods (how to do it) Random Quota Stratified Cluster
Which is the Best Method of Sampling? Quota Sampling is the most commonly used method by market research companies because its relatively cheap (compared to Random Sampling) and is effective (works well)
Quota Sampling 4 young Males 5 young Females Ive selected these as my Quota sample because I know slightly more females buy my product than males
Analysis of Market Research No sample is ever going to be 100% reliable Market researchers accept 95% reliability This is called a 95% confidence level
Evaluation of Market Research Nearly all marketing decisions are made after doing research Quantitative research means you dont act on hunches Often qualitative data is preferred to quantitative research – because it gives you more consumer insights