Sampling can easily be misunderstood by marketers. Samples after all are tiny in comparison to the universe, and when research findings contradict marketers’ gut feelings, uncertainties may creep in. The basic knowledge of the theory of sampling provided in Chapter Sampling can help marketers’ better interpret research results, and bring them to act on the findings with measured level of confidence. The sampling fundamentals covered in this chapter are of relevance to several sections in this book.
Sampling methodologies in quant vary with the needs of the research as well as the characteristics of the universe population. For instance, in cases where the proportion of consumers is very low, pre-established panels of consumers would be recommended. Or when a sampling frame is not available, as with online research, quota sampling can provide for a balanced respondent profile. Convenience sampling, such as when intercepting respondents at shopping malls, is also used especially for complex studies or when research accompaniments (e.g. product samples) are required. The majority of door-to-door (DTD) and telephone interviews deploy systematic random sampling or a combination of systematic random sampling and some other sampling method.
Standards for sampling error vary depending on the research requirements, however the most commonly used are 95%, 90%, and 99%. If the researcher uses a narrower confidence level (e.g. 99% instead of 95%), the confidence interval becomes wider.
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Marketing has changed. More so in practical terms, and marketing education is lagging.
The fundamental change lies in the application of analytics and research. Every aspect of the marketing mix can be sensed, tracked and measured.
That does not mean that marketers need to become expert statisticians. We don't need to learn to develop marketing mix models or create perceptual maps. But we should be able to understand and interpret them.
MarketingMind helps. But the real challenge lies in developing expertise in the interpretation and the application of market intelligence.
The Destiny market simulator was developed in response to this challenge. Traversing business years within days, it imparts a concentrated dose of analytics-based strategic marketing experiences.
Like fighter pilots, marketers too can be trained with combat simulators that authentically reflect market realities.
But be careful. There are plenty of toys that masquerade as simulators.
Destiny is unique. It is an authentic FMCG (CPG) market simulator that accurately imitates the way consumers shop, and replicates the reports and information that marketers use at leading consumer marketing firms.
While in a classroom setting you are pitted against others, as an independent learner, you get to play against the computer. Either way you learn to implement effective marketing strategies, develop an understanding of what drives store choice and brand choice, and become proficient in the use of market knowledge and financial data for day-to-day business decisions.