5.5 - Methods of Sampling and the Factors which Influence them

Businesses need to choose the right method of sampling for market research purposes. In doing so, a number of various factors need to be considered. These include:

• Target Market - An awareness of who purchases your products and services is vital if the data gathered is to be meaningful. There is usually little point in gathering the thoughts of people who have no interest in your product, although the views of people who might purchase your product are, of course, very important. 
• Nature of Product or Service - This is also relevant to the nature of your product. Again, you must be aware of what your product is and who purchases it if you are to gather accurate data from the right people. For example, when research needs to be conducted for specialist products or services, the sample needs to be composed of respondents interested in such products. 
• Finance - Finance is an important factor in choosing sampling methods. There are expenses to be incurred in conducting market research and these expenses must be worthwhile. In other words, they must benefit you and produce results. 
• Risks Involved - The risks involved in the type of sampling would determine whether or not it's practical and effective to engage in such techniques of sampling. A typical example is during the prototype stages and early product development stages.