Why decide sample size for market research before collecting data

1
Why decide sample size of data for market
research before collecting it?

• If you are about to do market research for a
  company, it always pays to select the number of
  people who would take part in the survey. This
  means you need to identify the sample size
  beforehand, to get the best results.
• If you decide on your sample size ahead of
  research, theres about 5 chance that their
  observances will differ too much from the
  population, on an average. Hence, you can
  conclude that your report and analysis will be
  about 95 right.
• Here, we will have a look at some of the reasons
  on why you need to choose the sample size,
  before you begin to collect the data
• Funding committee may have demanded it One of
  the main reasons that market research firms
  decide to select the sample size, beforehand
  could be that the funding agency or committee
  had demanded on the need for it. You could choose
  the sample size, based on what prevails in the
  domain, or according what some other agency had
  used for similar research etc.

2

• It helps you weed out not just the number of
  respondents you need for a research, but the
  number you dont need, as well No company will
  like to spend time, energy or resource on mining
  out more data than, which is valid or relevant
  for their purpose. Especially, if the research
  is more liable to put the life of a human
  participant at risk. At the same time, using more
  participants than is required for a particular
  research, study or survey may also exhaust more
  of the company resources than is required.
  Hence, there is a need to limit the number to
  exact requirement as earlier determined.

• Use sample size to calculate if you are close to
  your result or not Sometimes, even after the
  sample size calculation determine that you are
  close to your result, the situation may not be
  so. Hence, having determined the sample size
  ahead will help you to make the mandatory
  modification to the study, thus helping you
  arrive at effective results. You could either go
  on to correct the process used to measure the
  variables so that the results are more accurate
  or can change the design to get better results.
  Other way is to use controls to regulate the
  random miscalculations, so that you can leave
  the sample size as it is.
• You can surmise from here that if you collect the
  sample size ahead of time for a research, study
  or a survey before collecting the data, it will
  help you to arrive at better results, based on
  which you can deliver quality solutions.

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