Consider the following when determining sample size:
Target population size
Margin of Error
Practicality of getting data from desired population
When determining the sample size for market research, several key factors must be considered. First, the target population size is crucial, as larger populations may require more respondents for accurate representation. Next, the margin of error and the confidence level must be determined, as these influence the precision and reliability of the results—typically, a 95% confidence level and a 5% margin of error are standard.
Variability within the population also plays a role; if the population is diverse, a larger sample is needed to capture this diversity accurately. Additionally, practical aspects like time, budget, and resource availability should be factored in, as they can limit the sample size. Lastly, it’s important to ensure that the sample is random and representative of the target market to avoid biases that could skew results.
See calculations to get a correct sample size within my previous Substack post, “Calculate the Right Sample Size.”
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