Business Management SL
Business Management SL
6
Chapters
175
Notes
Unit 1 - Introduction To Business Management - QB
Unit 1 - Introduction To Business Management - QB
Unit 2 - Human Resource Management - QB
Unit 2 - Human Resource Management - QB
Unit 3 - Finance & accounts - QB
Unit 3 - Finance & accounts - QB
Unit 4 - Marketing - QB
Unit 4 - Marketing - QB
Unit 5 - Operations management - QB
Unit 5 - Operations management - QB
Unit 6 - Assessment
Unit 6 - Assessment
IB Resources
Unit 4 - Marketing - QB
Business Management SL
Business Management SL

Unit 4 - Marketing - QB

Unlock The Power Of Sampling Methods In Market Research

Word Count Emoji
626 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited onย 5th Nov 2024

Table of content

What's sampling all about? ๐ŸŒŽ

Imagine you're at a bakery filled with hundreds of delicious cookies. You can't eat them all (though we wish we could!), so you pick a few to taste-test. In the same way, businesses can't survey everyone, so they pick a 'sample' to get an idea. Here's how it's done!

Quota sampling ๐Ÿช

๐Ÿ“œ Definition: Breaking down the population into groups with specific characteristics (like chocolate chip or oatmeal raisin) and setting a target for each group.

๐ŸŒŸ Example: In a school of 500 IB students, let's interview 15 boys and 20 girls to know their thoughts on the programme.

Pros

  • Can get diverse views from different groups.
  • Ensures specific segments are included.

Cons

  • Might not be wholly random.
  • Setting the wrong quotas can skew results.

Random sampling๐Ÿช

๐Ÿ“œ Definition: Everyone gets an equal shot! Like putting all names in a hat and pulling some out.

๐ŸŒŸ Example: Picking 50 names from a phone book of 1,000 people. Like when you randomly get picked for a lucky draw!

Pros

  • It’s fair and unbiased.
  • Represent the population well if the sample size is large enough.

Cons

  • May miss out on some specific groups.
  • Needs access to the entire population list.

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IB Resources
Unit 4 - Marketing - QB
Business Management SL
Business Management SL

Unit 4 - Marketing - QB

Unlock The Power Of Sampling Methods In Market Research

Word Count Emoji
626 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited onย 5th Nov 2024

Table of content

What's sampling all about? ๐ŸŒŽ

Imagine you're at a bakery filled with hundreds of delicious cookies. You can't eat them all (though we wish we could!), so you pick a few to taste-test. In the same way, businesses can't survey everyone, so they pick a 'sample' to get an idea. Here's how it's done!

Quota sampling ๐Ÿช

๐Ÿ“œ Definition: Breaking down the population into groups with specific characteristics (like chocolate chip or oatmeal raisin) and setting a target for each group.

๐ŸŒŸ Example: In a school of 500 IB students, let's interview 15 boys and 20 girls to know their thoughts on the programme.

Pros

  • Can get diverse views from different groups.
  • Ensures specific segments are included.

Cons

  • Might not be wholly random.
  • Setting the wrong quotas can skew results.

Random sampling๐Ÿช

๐Ÿ“œ Definition: Everyone gets an equal shot! Like putting all names in a hat and pulling some out.

๐ŸŒŸ Example: Picking 50 names from a phone book of 1,000 people. Like when you randomly get picked for a lucky draw!

Pros

  • It’s fair and unbiased.
  • Represent the population well if the sample size is large enough.

Cons

  • May miss out on some specific groups.
  • Needs access to the entire population list.

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Business Management SL. Subscribe now and get closer to that 45 ๐ŸŒŸ