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Why decide sample size for market research before collecting data

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Why decide sample size for market research before collecting data

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  1. Why decide sample size of data for market research before collectingit? • If you are about to do market research for a company, it always pays to select the number of people who would take part in the survey. This means you need to identify the sample size beforehand, to get the bestresults. • If you decide on your sample size ahead of research, there’s about 5% chance that their observances will differ too much from the population, on an average. Hence, you can conclude that your report and analysiswill be about 95%right. • Here, we will have a look at some of the reasons on why you need to choose the sample size, before you begin to collect thedata: • Funding committee may have demanded it: One of the main reasons that market research firms decide to select the sample size, beforehand could be that the funding agency or committee had demanded on the need for it. You could choose the sample size, based on what prevails in the domain, or according what some other agency had used for similar researchetc.

  2. It helps you weed out not just the number of respondents you need for a research, but the number you don’t need, as well: No company will like to spend time, energy or resource on mining out more data than, which is valid or relevant for their purpose. Especially, if theresearch is more liableto put the life of a human participant at risk. At the same time, using more participants than is required for a particular research, study or survey may also exhaust more of the company resources than is required. Hence, there is a need to limit the number to exact requirement as earlierdetermined. • Use sample size to calculate if you are close to your result or not: Sometimes, even after the sample size calculation determine that you are close to your result, the situation may not be so. Hence, having determined the sample size ahead will help you to make the mandatory modification to the study, thus helping you arrive at effective results. You could either go on tocorrect the processused to measure the variables so that the results are more accurate or can change the design to get better results. Other way is to use controls to regulate the random miscalculations, so that you can leave the sample size as itis. • You can surmise from here that if you collect the sample size ahead of time for a research, study or a survey before collecting the data, it will help you to arrive at better results, based on which you can deliver qualitysolutions. More clarifications send mail inquiry tosales@outsourcedataworks.com

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