Consider the market for a breakfast cereal

Probability Sampling:

Romeo Joson

2/12/15

Marketing Research M4 A2

Introduction

The business concerns the breakfast cereals. In this case, it aims to establish whether the business could be viable. The cereal manufacturer aims to gather adequate information to assist in making the appropriate decision. The breakfast cereal manufacturer needs adequate information concerning the following. Firstly, the manufacturer hopes to acquire the information concerning breakfast habits and preferences of the general population. Secondly, the available market opportunities in different areas. Thirdly, the appropriate approaches to the marketing mix. The paper will discuss the various issues aimed at achieving the breakfast cereal manufacturer objectives. For it to meet the requirements, the paper will discuss the aspects in relation to probability sampling method. The appropriate method to use, in this case, is the stratified probability sampling method.

The survey target population

The survey involves learning the breakfast habits and preferences of people. To a wide range, many people value breakfast while there are those who do not concentrate on taking the breakfast. The challenging issue of the taking of breakfast is that different people prefer different products for breakfast. It is one of the main objectives to identify different people preferences. It will help to identify that group of consumers that prefer cereals for breakfast to assess the market for the cereals. The population targeted should start from the age of 16 and above. At the age of sixteen the children have identified what they like most to take for breakfast. The other aspects of the population are that all the gender groups are important. In addition, the people of all races and all social classes are important to the targeted population.

Data collection method

Due to the variety of the population, it requires a data collection method appropriate to capture all the population. The method appropriate should be able to capture a wide range of the population hence increasing the sample size. The best method for data collection, in this case, is the use of questionnaires. The questionnaires are beneficial because they would help cover a wide range of population. The respondents, in this case, would have completed the forms on the issues of the researcher interest. The method is also advantageous because it is useful to capture information of people who are illiterate. The other advantage of the questionnaires is that respondents are co-operative to fill the forms; hence there is a high rate of data collection.

The sampling method

The appropriate method, as identified above, is the stratified sampling technique. It is a method that entails the use of proportionality. In that, the population is arranged into groups of different classifications. Classifications are appropriate in this case of studying the people's habits and preferences. They are in such a way as, age, gender and social status. Then the researcher compiles the final list from the groups classified earlier. The survey target population will include people in all age groups, people from all genders and all social classes. The reason is that breakfast consumption is close to being a basic need. For this reason, it involves all types of individuals. It is the reason stratified random sampling method is appropriate in this case since it will entail classifying the different peoples into homogenous groups.

The sample size

The population will be divided into non-overlapping groups. The groups may be named as a1,a2, a3, a so on. Then the total population will be A. to select the sample size it will entail using such a formula as, b=a/A in each of the group. The method is appropriate for sample selection because of the following. The sample will represent the overall population and its subgroups adequately. It will also ensure the representation of the minority groups. In the case of small beyond the appropriate size, the sampling method allows for further selection of another sample size. Stratified sampling method allows the use of equal fraction of the various strata or groups. It ensures proportionality that is an important aspect in this form of data that the client is interested.

Discussion

The findings of the research are important to provide insights into various issues. Some of the issues include the viable market size. The information will signify if the market is adequate for the cereal manufacturer to enter. In the other case, it will guide in establishing whether such advertisement will assist in enlarging the market size. The other information, in this case, concerns the competition; in the terms of the substitutes for the cereals. The research will assist to identify whether the group of consumers who relies on other products can be moved to start consuming cereals. The other important information is on the number of the prospective customers and their locations. It is beneficial to the business since it will assist in establishing the business in other areas or stores at different positions for the easy accessibility.

Conclusion

Probability sampling methods are important for further research of the market. It is because they provide sampling techniques to increase the accuracy of the data they are interested. The methods increase the accuracy by eliminating biasness to a reliable degree. The conclusions made are also based on the empirical evidence. The methods allow the researcher to make statistical inferences that are important to the research. In relation to the research for the breakfast habits and preferences, the research provides reliable information on the market size, the available consumers who prefer cereals. There is also information on the available market opportunities and the appropriate marketing mechanisms that the manufacturer would use to increase the market. The information gathered is the key to the recommendations of the manufacturer.