Data identifies as statistics and facts collected for analysis or reference. They are the basis for making calculations or reasoning. Also, it is termed as information gathered in unorganized, unprocessed or raw form to represent objects, ideas or conditions. Data is essential in management as it guides in making various business decisions. For instance, consumers demographic is a data set that would help determine the gender, age or location of consumers that a certain business should target. Then their sample which identifies as a representation of the big population. It could be a small group of people taken to represent the whole population. A sample is gathered after sampling which is a method used in statistical analysis in which a representative group is selected (Khan, Reddy & Rao, 2015).
Sampling is essential in business management subject to its involvement in different activities. Take, for instance, the case of auditing, to ascertain that the financial statements are accurate, the auditors will choose a random of the accounts. In another context, managers in an organization use sampling to evaluate the success of the business marketing activities. Sampling is cost-effective to an organization where through a sample a business learns more about the whole population (Certo, et al, 2016). Thus, it is right to state that sampling is important in market research. It will help you to expand the customer base by identifying new market opportunities and gaps by considering a sample of the population with similar demographic qualities such as education, levels, marital status, geographical location, income, gender or age.
Furthermore, sampling is essential when a company wants to introduce a new product into the market. It will entail assessing the potential customers and how they are likely to react to the product that is to be introduced in the market. Similarly, sampling will help in determining customers’ satisfaction levels. Take, for instance, a multinational corporation can only determine its level of customer satisfaction by getting a sample. It will require a certain party to conduct sampling and give a survey to identify how customers feel about the company. Therefore, sampling is essential in various ways from a business perspective.
Certo, S. T., Busenbark, J. R., Woo, H. S., & Semadeni, M. (2016). Sample selection bias and Heckman models in strategic management research. Strategic Management Journal, 37(13), 2639-2657.
Khan, M. G., Reddy, K. G., & Rao, D. K. (2015). Designing stratified sampling in economic and business surveys. Journal of applied statistics, 42(10), 2080-2099.
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