The need for and limitations of sampling

Sampling reduces the cost of market research by allowing businesses to collect data from a subset of the target population instead of surveying the entire population. Conducting research on the entire population would be time-consuming, resource-intensive, and costly. By selecting a representative sample, businesses can gather data more efficiently and at a fraction of the cost. Sampling reduces the need for extensive data collection efforts, such as conducting surveys or interviews with a large number of individuals. It also reduces the costs associated with data processing, analysis, and reporting. While businesses still need to ensure that the sample is representative and provides accurate insights, sampling offers a cost-effective approach to conducting market research.