Hrishi Raj

EMBA Semester- 01
MB 506 Assignment- 02
Roll Number-2401res213
Assignment 2

Scenario: You are the Marketing Manager for a new brand of sustainable athletic
wear. You are interested in understanding the preferences of potential customers in
your target market (active individuals aged 25-45 who prioritize sustainability)
before launching a marketing campaign.

Question 1: Describe TWO different probability sampling methods you could use
to select a sample from your target market. Explain the advantages and
disadvantages of each method in the context of this scenario. (4 Marks)

Answer:-

One probability sampling method for selecting a sample from the target market
could be simple random sampling, where every individual in the target
demographic has an equal chance of being selected. This method ensures each
potential customer has an equal opportunity to participate, reducing bias. However,
it may be challenging to reach a representative sample due to the diversity within
the demographic.
Another method could be stratified random sampling, where the target market is
divided into subgroups based on relevant characteristics like age or location, and
then random samples are taken from each subgroup. This ensures representation
from various segments of the target market, enhancing the validity of insights
gathered. However, it may require more resources and time to implement
compared to simple random sampling
Question 2: Let's say you decide to use a Simple Random Sample. You estimate
the size of your target market to be around 100,000 people. Calculate the
minimum sample size you would need to achieve a 95% confidence level with a
margin of error of +/- 5%. (Show your calculations for 2 marks)

Question 3: Discuss TWO factors that you would consider when deciding on the
final sample size for your survey. Explain how these factors might influence your
decision. (4 Marks)