Many business owners prefer market research to find out crucial details about customer behavior and market trends about their products or services. Business research is a commonplace in many small and large businesses. Marketing research is a process of management that helps collecting all the data relevant to a particular product. This data includes information about market trends, segments, competition, availability of products and customer behavior. However, considering the scope of a business, it is not possible to conduct industry research for every individual customer. Business research professionals use sampling, which is an effective, inexpensive and easy method of primary marketing research.
Types of Sampling Used in Market Research
Extensive usage of sampling provides representative market data to a Market research Company. This representative data is then used to prepare in-depth industry research reports. Probability and non-probability sampling are the two basic types of sampling. These basic types are divided in various subtypes and techniques that help marketing research professionals. Following are the most common types of sampling:
Simple Random Sampling
Simple random sampling makes sure that every member of the population has equal chance of selection and option. It is one of the most easiest and inexpensive methods of collecting market data. However, this type of sampling required complete list of population, which sometimes makes it difficult.
This type of sampling is similar to simple random sampling. However, samples are selected based on a starting point. Every nth member of the population is studied. Here n stands for the population divided by the sample size. Systematic sampling is sometimes costly depending on the sample size.
Quota sampling emphasizes on selecting perfect representatives of the target population. To achieve that, population is divided on the basis of gender, age, profession, location, education, income and other socio-psychological factors.
Quota sampling method of marketing research is exactly opposite to random sampling. Here, a deliberate choice of population is made which is then analyzed to create the business research reports. Such sampling methods are subject to bias.
For cluster sampling, groups or units of customers are chosen on their geographic locations. This selection is based on simple random sampling. This is a quick, uncomplicated and simple process. it also initiates face-to-face communication with customers. However, it proves to be expensive in case larger groups are selected.
Convenience sampling is a method of primary market research that depends on voluntary participation of the customers or target population. This is one of the most unpredictable business research methods, which is also subject to volunteer bias.
A professional market research consulting firm like MarketsandMarkets determines the ideal method of sampling to use for a particular business research project. When used by professional researchers, sampling proves to be inexpensive and highly effective method of primary research for markets and businesses.
MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
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