Business – 3.2 Market research – Sampling | e-Consult
3.2 Market research – Sampling (1 questions)
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Sampling is essential because:
- Cost efficiency: Collecting data from an entire population is often prohibitively expensive; a sample reduces financial outlay.
- Time constraints: A representative sample can be gathered and analysed much faster than a full census, allowing quicker decision‑making.
- Practicality: Some populations are inaccessible or too large to reach in total (e.g., all customers of a multinational firm); a sample makes the study feasible.
- Manageability of data: Smaller data sets are easier to process, clean, and interpret, reducing the risk of errors.