Business Studies – 3.2.1 Methods of market research | e-Consult

Sampling is the process of selecting a smaller group of individuals (the sample) from a larger group (the population) to gather information. This smaller group is then used to represent the entire population. It's a cost-effective and time-saving method of data collection.

Two reasons why a business might choose to use a sample are:

• Cost-effectiveness: Surveying the entire population can be very expensive, especially if the population is large. A sample significantly reduces the cost of data collection, including printing, distribution, and data analysis.
• Time-saving: Gathering data from a large population takes a considerable amount of time. A sample allows the business to collect information much more quickly, enabling faster decision-making.