In: Accounting
The Zubire corporation is one of the leading company
which is manufacturing Chocolate and Sugar confectionary since
1990. It is located in Rusayl Industrial Estate. The company
markets its product under several brand name like Chiko, and Della.
These products are available in attractive packaging and premium
gift boxes, making them ideal for gift. The company was awarded
“His Majesty’s cup 2012” for being one of the top 5 factories in
Oman. Now the company wishes to launch a new chocolate to the
market and wants to conduct a research on perception of the people
in consuming chocolates in Muscat.
Question 6
i) What sampling method do you suggest for the company?
Justify
ii) How does the chosen sampling method vary from other sampling
methods?
Market research is very important to be done for knowing the customers and their demands according to which they should plan and produce their product in order to have maximum profits.
i) if we consider the type of sampling method to be used for this, we know that a huge population of customers is demanded for this type of research. So, for covering a large population probability sampling is best. It presents the result coming as representative for the whole population.
Under probability sampling we can go for simple random sampling. In this, from the large population randomly few are selected as samples which represent the whole population as response taking from whole population is not possible. Now the research is being conducted on the following selected randomly. The result that comes is thought of valuable use as it is thought to be the requirement by the whole population as the samples are mixed and not any particular group is being based. A d thus the result asertained is very appropriate covering the needs of every population. And this will definitely help in making new chocolate market.
ii) using any other sampling method, like for example, cluster sampling, it selected a particular group whose choice may match from members of same group but can be entirely different from all other groups as cluster. And hence the result coming henceforth would be seen as baised towards one group and other cluster members would not be interested in buying the product.
This, it can be seen that random sampling is the best option to be choosen that could cover large population also and also the interests of whole the population with varied perceptions. And the its would be made according to which everyone can be comfortable to buy these products.
It is also helpful in exploring different types of interests. And customized products for specific goods can also be made.
This thus random sampling is best to be choosen.