Lesson 4 Activity 1, 2 &3 Essay

Lesson 4 Activity 1, 2 &3 Essay

The field of marketing research has continued to expand drastically with the emergence of many research companies to offer marketing research services. Some of the leading marketing research companies globally include Ipsos, McKinsey, and Nielsen Media Research. Ipsos is one of the most innovative research firms in the world and is known for embracing new business models and launching new products to outsmart their competitors (Ipsos, n.d). Nielsen Media Research is a leading market research firm that measures media audiences. It also uses state-of-the-art technologies to meet the needs of the clients (Nielsen Media Research, n.d). McKinsey is a US-based market research and management consulting firm. It has highly competent research personnel and a knowledge center McKinsey & Company, n.d).

The three companies use more or less the same sampling techniques in their research. However, there are a few differences between them. The common sampling techniques include quota sampling, cluster sampling, random sampling, systematic sampling, and stratified sampling. The choice of the sampling technique is depended on the desired level of precision and detail of information to be produced, the available resources, and the objectives of the research. For Ipsos, the most common sampling techniques employed by the firm include quota sampling, systematic sampling, and random sampling. Nielsen Media Research mainly uses cluster sampling, stratified random sampling, and systematic sampling. McKinsey on the other hand heavily relies on systematic sampling, random sampling, and quota sampling.

Quota sampling involves getting a sample involving individuals representing a population. The market researcher chooses individuals according to specific traits or qualities. In this technique, the researcher decides and creates quotas so that the samples may be useful in collecting data (Harrison et al., 2016). The quotas are selected based on the researcher’s knowledge of the population.

Cluster sampling entails dividing the population into clusters or smaller groups and then applying systematic or random sampling to select samples from the clusters (Harrison et al., 2016). It is commonly used in studying large populations especially those that are widely geographically apart. Researchers use schools, churches, or cities among others as clusters.

Simple random sampling involves selecting a sample randomly from a population with population member having an equal probability of being selected. It is the most commonly used sampling technique in market research. In a systematic sampling technique, samples are selected based on a random starting point but with fixed, sampling interval. The sampling interval is calculated by dividing the size of the population by the required sample size (Harrison et al., 2016). This method is preferable to simple random sampling when the risk of data manipulation is low. It is simple to use than simple random sampling.

Stratified sampling entails dividing the population into strata and then systematically selecting a sample from the strata (Harrison et al., 2016). Common strata use in stratified sampling include age, gender, nationality, education level, or family size among others. This method is used when the research is meant to draw conclusions from different strata. Care is taken to ensure that the subgroups or strata are not overlapping and this is achieved by using simple probability sampling.

In conclusion, marketing research firms employ various sampling methods in gathering data for their clients. Some of the leading research firms in the field of marketing research include Ipsos, Nielsen Media Research, and McKinsey. While they have different approaches to their research activities, they use more or less similar sampling techniques to gather data.

References

Harrison, M., Cupman, J., Truman, O., & Hague, P. (2016). Market research in practice: an introduction to gaining greater market insight. Kogan Page Publishers.

Ipsos. (n.d). About Us. Retrieved from https://www.ipsos.com/en/about-us

McKinsey & Company. (n.d). About Us. Retrieved from https://www.mckinsey.com/about-us/overview

Nielsen Media Research. (n.d). About Us. Retrieved from https://www.nielsen.com/us/en/about-us/

Lesson 4 Activity 1, 2 &3