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Why are business research, statistics, data, and decision models important to business? What is sampling? Explain...


Why are business research, statistics, data, and decision models important to business? What is sampling? Explain the importance of sampling from a managerial perspective. Provide examples.

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Research plays an important role in businesses. It helps the firms to know about the competitors and gram the opportunities before any other enterprise. The quality of the data collected plays an important role in acquisition, retention and enhancing the loyalty of the customers. The best way to collect the data for the benefit of the enterprise is sampling. It is a method when a sample of the prospective audience is chosen and some questions are asked. The method plays a crucial role because it is practically not possible to observe or interview the whole market of an enterprise. While using this method, the important aspect to be noted is that the sample of the space should be such that it represents the whole market of individuals. It is convenient to use and does not involve a lot of money to be spent on the part of the enterprise. For instance, there is an enterprise selling washing powder and it wants to know the feedback with the help of certain questions. The enterprise can use a sampling method with the sample space of women because women are their targeted customers. So, this method makes it practically possible to get feedback.

keosha answered 4 weeks ago
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