MKT 500 Lecture Notes - Lecture 10: Nonprobability Sampling, Guesstimate, Cost Basis
11 Aug 2016
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Chapter 10: determining the size of a sample. Marketing managers typically confuse sample size with sample representativeness. The selection method, not the size of the sample, determine a sample"s representativeness. There are 2 important points to consider: only a probability sample, typically referred to as random sample, is truly representative of the population, the size of the random sample determined the samples accuracy of findings. Sample accuracy: refers to how close sample a random sample"s statistic (for example, percent of yes answers to a particular question) is to the populations value (that is, the true percent of agreement in the population) it represents. We are concerned with sample size because a significant cost savings occurs when the correct sample size is calculated and used. To deal with high refusal rates, marketing researchers have designed respondent panels. The size of the sample has nothing to do with its representativeness. 239 for the 8 axioms about sample and accuracy.
