Value of sampling

• What is the primary purpose of sampling?

  To obtain information from a group of people
• Why is it important for the sample group to be representative of the target market?

  To ensure accurate insights about demographics
• How can sampling speed up decision-making?

  It reduces the need to survey the entire market
• What competitive advantage can be gained from effective sampling?

  Identifying trends that can be exploited
• What is a benefit of having a broad range of opinions in sampling?

  It supports effective decision-making and insights
• What factor significantly affects the accuracy of sampling?

  The size of the sample
• How does sample size relate to decision-making accuracy?

  Larger samples provide more accurate representation
• What are the general pros of sampling?

  • Speeds up decision-making
  • Reduces costs of surveying entire market
  • Identifies trends for competitive advantage
  • Provides a broad range of opinions
• What are the limitations of sampling?

  • Depends on sample size
  • Accuracy of representation affects results
  • Larger samples yield better accuracy