Sampling Methods | DP IB Business Management Revision Notes 2022
Introduction
- Sampling: A method to collect data from a selected group to understand the market as a whole.
- Collecting data from the entire market population is costly and time-consuming.
- Larger sample sizes generally provide more accurate reflections of the market.
Primary Market Research Sampling Methods
- Businesses utilize different sampling methods for market research:
Quota Sampling
- Objective: To gather a representative sample by identifying specific population groups.
- Example: A survey might target 25% of participants aged 18-24, 50% aged 25-45, and 25% aged 46 and above.
Random Sampling
- Ensures every population member has an equal chance of being selected.
- Example: Randomly selecting gym members from a database for a survey.
Convenience Sampling
- Involves selecting subjects who volunteer and are easy to reach.
- Example: A cafe owner surveys regular customers during off-peak hours.
Evaluation of Sampling Methods
| Method | Advantages | Disadvantages |
|---|
| Quota Sampling | Quick & simple | Potential bias; requires population understanding |
| Random Sampling | Reduces bias; simple design | May not represent the entire market; needs complete population data |
| Convenience Sampling | Readily available data; quick | Likely to be biased; not representative of the whole market |
Factors Influencing Sampling Method Choice
- Time Available: Random sampling is quick when time is limited.
- Knowledge of Target Population: Quota sampling is beneficial when the population is well-understood.
- Researcher Skills: Less-experienced researchers may opt for convenience sampling.
Examiner Tips
- "Research population" refers to the specific group of interest in market research, not the entire population of a region.
Last updated: 18 June 2024
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