Showing posts with label Domestic agent vs Domestic merchants. Show all posts
Showing posts with label Domestic agent vs Domestic merchants. Show all posts

Sunday, 16 January 2022

Question No. 4 IBO - 02 International Marketing Management Mcom 1st Year

Solutions to Assignments 

IBO-02 International Marketing Management

Solutions to Question No. 4

a) Probability and Non-probability Sampling Methods

Sampling means selecting a particular group or sample to represent the entire population. Sampling methods are majorly divided into two categories probability sampling and non-probability sampling. In the first case, each member has a fixed, known opportunity to belong to the sample, whereas in the second case, there is no specific probability of an individual to be a part of the sample.
For a layman, these two concepts are same, but in reality, they are different in the sense that in probability sampling every member of the population gets a fair chance of selection which is not in the case with non-probability sampling. Other important differences between probability and non-probability sampling are compiled in the article below.

The significant differences between probability and non-probability sampling

  1. The sampling technique, in which the subjects of the population get an equal opportunity to be selected as a representative sample, is known as probability sampling. A sampling method in which it is not known that which individual from the population will be chosen as a sample, is called non-probability sampling.
  2. The basis of probability sampling is randomization or chance, so it is also known as Random sampling. On the contrary, in non-probability sampling randomization technique is not applied for selecting a sample. Hence it is considered as Non-random sampling.
  3. In probability sampling, the sampler chooses the representative to be part of the sample randomly, whereas, in non-probability sampling, the subject is chosen arbitrarily, to belong to the sample by the researcher.
  4. The chances of selection in probability sampling, are fixed and known. As opposed to non-probability sampling, the selection probability is zero, i.e. it is neither specified not known.
  5. Probability sampling is used when the research is conclusive in nature. On the other hand, when the research is exploratory, non-probability sampling should be used.
  6. The results generated by probability sampling, are free from bias while the results of non-probability sampling are more or less biased.
  7. As the subjects are selected randomly by the researcher in probability sampling, so the extent to which it represents the whole population is higher as compared to the non-probability sampling. That is why extrapolation of results to the entire population is possible in the probability sampling but not in non-probability sampling.
  8. Probability sampling test hypothesis but non-probability sampling generates it.

All Questions - MCO-021 - MANAGERIAL ECONOMICS - Masters of Commerce (Mcom) - First Semester 2024

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