Conspicuous consumption is the practice of purchasing goods or services to publicly display wealth rather than to cover basic needs.
The word 'Conspicuous' here means lavish or wasteful spending. This kind of spending is generally made by people who have considerable amount of disposable income to spend on goods and services which are not necessary, but are more luxurious in nature. Market concentration is used when smaller firms account for large percentage of the total market.
It measures the extent of domination of sales by one or more firms in a particular market. The market concentration ratio is measured by the concentration ratio.
The market concentration ratio measures the combined market share of all the top firms in the industry. Cash Cow is one of the four categories under the Boston Consulting Group's growth matrix that represents a division which has a big market share in a low-growth industry or a sector. It is referred to an asset or a business, which once paid off, will continue giving consistent cash flows throughout its life. A Cash Cow is a metaphor used for a business or a product, which exhibits.
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Suggest a new Definition Proposed definitions will be considered for inclusion in the Economictimes. Quota sampling is a sampling methodology wherein data is collected from a homogeneous group. It involves a two-step process where two variables can be used to filter information from the population. It can easily be administered and helps in quick comparison. Quota sampling is a simple yet effective way to do research in the initial phases.
From the population, the researcher could select two variables to study about a particular group. He could use gender as well as income level or the education level for the purpose of research. The researcher could also add other sub-points to the data set according to the requirements of the research. In a quota sampling there is a non-random sample selection taken, but it is done from one category which some researchers feel could be unreliable.
The researchers run the risk of bias. Interviewers might be tempted to interview those individuals on the street who appear most helpful in filling the form or they could sample individuals who could contradict them or others known to them just to meet the target set of audience. Quota sampling is used when the company is short of time or the budget of the person who is researching on the topic is limited.
Quota sampling can also be used at times when detailed accuracy is not important. To create a quota sample, knowledge about the population and the objective should be well understood so that the researcher can choose the relevant stratification; next is to calculate quota from each section of the population and at the end keep on adding samples until the quota for each section is met.
Quota sampling has its own advantages. It is an easy process to carry out and decipher information once the sampling is done. It also improves the representation of any particular group within the population thereby ensuring that these groups are not over-represented.
Rebranding is the process of changing the corporate image of an organisation. It is a market strategy of giving a new name, symbol, or change in design for an already-established brand. The idea behind rebranding is to create a different identity for a brand, from its competitors, in the market. There are several reasons for a company to go for rebranding. One prominent factor is to connect with customers. Rebranding is good for the business, but at the same time it may be risky.
There is always a possibility that the consumers do not like the new brand. Clustering can reduce travel and administrative costs.
In the example above, an interviewer can make a single trip to visit several households in one block, rather than having to drive to a different block for each household. It also means that one does not need a sampling frame listing all elements in the target population. Instead, clusters can be chosen from a cluster-level frame, with an element-level frame created only for the selected clusters.
In the example above, the sample only requires a block-level city map for initial selections, and then a household-level map of the selected blocks, rather than a household-level map of the whole city. Cluster sampling also known as clustered sampling generally increases the variability of sample estimates above that of simple random sampling, depending on how the clusters differ between one another as compared to the within-cluster variation. For this reason, cluster sampling requires a larger sample than SRS to achieve the same level of accuracy — but cost savings from clustering might still make this a cheaper option.
Cluster sampling is commonly implemented as multistage sampling. This is a complex form of cluster sampling in which two or more levels of units are embedded one in the other.
The first stage consists of constructing the clusters that will be used to sample from. In the second stage, a sample of primary units is randomly selected from each cluster rather than using all units contained in all selected clusters. In following stages, in each of those selected clusters, additional samples of units are selected, and so on. All ultimate units individuals, for instance selected at the last step of this procedure are then surveyed. This technique, thus, is essentially the process of taking random subsamples of preceding random samples.
Multistage sampling can substantially reduce sampling costs, where the complete population list would need to be constructed before other sampling methods could be applied. By eliminating the work involved in describing clusters that are not selected, multistage sampling can reduce the large costs associated with traditional cluster sampling.
In quota sampling , the population is first segmented into mutually exclusive sub-groups, just as in stratified sampling. Then judgement is used to select the subjects or units from each segment based on a specified proportion.
For example, an interviewer may be told to sample females and males between the age of 45 and It is this second step which makes the technique one of non-probability sampling. In quota sampling the selection of the sample is non- random. For example, interviewers might be tempted to interview those who look most helpful. The problem is that these samples may be biased because not everyone gets a chance of selection.
This random element is its greatest weakness and quota versus probability has been a matter of controversy for several years. In imbalanced datasets, where the sampling ratio does not follow the population statistics, one can resample the dataset in a conservative manner called minimax sampling.
The minimax sampling has its origin in Anderson minimax ratio whose value is proved to be 0. This ratio can be proved to be minimax ratio only under the assumption of LDA classifier with Gaussian distributions. The notion of minimax sampling is recently developed for a general class of classification rules, called class-wise smart classifiers. In this case, the sampling ratio of classes is selected so that the worst case classifier error over all the possible population statistics for class prior probabilities, would be the.
Accidental sampling sometimes known as grab , convenience or opportunity sampling is a type of nonprobability sampling which involves the sample being drawn from that part of the population which is close to hand.
That is, a population is selected because it is readily available and convenient. It may be through meeting the person or including a person in the sample when one meets them or chosen by finding them through technological means such as the internet or through phone.
The researcher using such a sample cannot scientifically make generalizations about the total population from this sample because it would not be representative enough. This type of sampling is most useful for pilot testing. Several important considerations for researchers using convenience samples include:. In social science research, snowball sampling is a similar technique, where existing study subjects are used to recruit more subjects into the sample.
Some variants of snowball sampling, such as respondent driven sampling, allow calculation of selection probabilities and are probability sampling methods under certain conditions. The voluntary sampling method is a type of non-probability sampling. A voluntary sample is made up of people who self-select into the survey.
Often, these subjects have a strong interest in the main topic of the survey. Volunteers may be invited through advertisements on Social Media Sites . This method is suitable for a research which can be done through filling a questionnaire. The target population for advertisements can be selected by characteristics like demography, age, gender, income, occupation, education level or interests using advertising tools provided by the social media sites.
The advertisement may include a message about the research and will link to a web survey. After voluntary following the link and submitting the web based questionnaire, the respondent will be included in the sample population. This method can reach a global population and limited by the advertisement budget.
This method may permit volunteers outside the reference population to volunteer and get included in the sample. It is difficult to make generalizations about the total population from this sample because it would not be representative enough. Line-intercept sampling is a method of sampling elements in a region whereby an element is sampled if a chosen line segment, called a "transect", intersects the element.
Panel sampling is the method of first selecting a group of participants through a random sampling method and then asking that group for potentially the same information several times over a period of time. Therefore, each participant is interviewed at two or more time points; each period of data collection is called a "wave". The method was developed by sociologist Paul Lazarsfeld in as a means of studying political campaigns.
Panel sampling can also be used to inform researchers about within-person health changes due to age or to help explain changes in continuous dependent variables such as spousal interaction. Snowball sampling involves finding a small group of initial respondents and using them to recruit more respondents. It is particularly useful in cases where the population is hidden or difficult to enumerate. Theoretical sampling  occurs when samples are selected on the basis of the results of the data collected so far with a goal of developing a deeper understanding of the area or develop theories.
Sampling schemes may be without replacement 'WOR'—no element can be selected more than once in the same sample or with replacement 'WR'—an element may appear multiple times in the one sample. For example, if we catch fish, measure them, and immediately return them to the water before continuing with the sample, this is a WR design, because we might end up catching and measuring the same fish more than once.
However, if we do not return the fish to the water, this becomes a WOR design. If we tag and release the fish we caught, we can see whether we have caught a particular fish before. Sampling enables the selection of right data points from within the larger data set to estimate the characteristics of the whole population.
For example, there are about million tweets produced every day. It is not necessary to look at all of them to determine the topics that are discussed during the day, nor is it necessary to look at all the tweets to determine the sentiment on each of the topics.
A theoretical formulation for sampling Twitter data has been developed. In manufacturing different types of sensory data such as acoustics, vibration, pressure, current, voltage and controller data are available at short time intervals. To predict down-time it may not be necessary to look at all the data but a sample may be sufficient. Survey results are typically subject to some error. Total errors can be classified into sampling errors and non-sampling errors.
The term "error" here includes systematic biases as well as random errors. Non-sampling errors are other errors which can impact the final survey estimates, caused by problems in data collection, processing, or sample design.
After sampling, a review should be held of the exact process followed in sampling, rather than that intended, in order to study any effects that any divergences might have on subsequent analysis.
A particular problem is that of non-response. Two major types of non-response exist: In this case, there is a risk of differences, between respondents and nonrespondents, leading to biased estimates of population parameters. This is often addressed by improving survey design, offering incentives, and conducting follow-up studies which make a repeated attempt to contact the unresponsive and to characterize their similarities and differences with the rest of the frame.
Nonresponse is particularly a problem in internet sampling. Reasons for this problem include improperly designed surveys,  over-surveying or survey fatigue ,   and the fact that potential participants hold multiple e-mail addresses, which they don't use anymore or don't check regularly.
In many situations the sample fraction may be varied by stratum and data will have to be weighted to correctly represent the population. Thus for example, a simple random sample of individuals in the United Kingdom might include some in remote Scottish islands who would be inordinately expensive to sample. A cheaper method would be to use a stratified sample with urban and rural strata.
The rural sample could be under-represented in the sample, but weighted up appropriately in the analysis to compensate. More generally, data should usually be weighted if the sample design does not give each individual an equal chance of being selected.
For instance, when households have equal selection probabilities but one person is interviewed from within each household, this gives people from large households a smaller chance of being interviewed. This can be accounted for using survey weights. Similarly, households with more than one telephone line have a greater chance of being selected in a random digit dialing sample, and weights can adjust for this.
Random sampling by using lots is an old idea, mentioned several times in the Bible. In Pierre Simon Laplace estimated the population of France by using a sample, along with ratio estimator. He also computed probabilistic estimates of the error.
His estimates used Bayes' theorem with a uniform prior probability and assumed that his sample was random. Alexander Ivanovich Chuprov introduced sample surveys to Imperial Russia in the s. In the USA the Literary Digest prediction of a Republican win in the presidential election went badly awry, due to severe bias . More than two million people responded to the study with their names obtained through magazine subscription lists and telephone directories.
It was not appreciated that these lists were heavily biased towards Republicans and the resulting sample, though very large, was deeply flawed. The textbook by Groves et alia provides an overview of survey methodology, including recent literature on questionnaire development informed by cognitive psychology:. The other books focus on the statistical theory of survey sampling and require some knowledge of basic statistics, as discussed in the following textbooks:.
The historically important books by Deming and Kish remain valuable for insights for social scientists particularly about the U. From Wikipedia, the free encyclopedia. For computer simulation, see pseudo-random number sampling. This section needs expansion. You can help by adding to it. How to conduct your own survey. Model Assisted Survey Sampling.
The" panel" as a new tool for measuring opinion. The Public Opinion Quarterly, 2 4 , — Analysis of Sampling Algorithms for Twitter. International Joint Conference on Artificial Intelligence. Survey nonresponse in design, data collection, and analysis. Internet, mail, and mixed-mode surveys: The tailored design method. Nonresponse in web surveys.
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Audience measurement Demography Market research Opinion poll Public opinion. Retrieved from " https: Sampling statistics Survey methodology.
Simple random sampling (also referred to as random sampling) is the purest and the most straightforward probability sampling strategy. It is also the most popular method for choosing a sample among population for a wide range of purposes.
Random sampling can be costly and time-consuming. However, this approach to gathering data for research does provide the best chance of putting together an unbiased sample that is truly representative of an entire group as a whole.
A random sample is one taken such that every item in the population defined in the research has an equal chance of being selected. This can be a demanding definition to put into practice in many research projects! Simple random sampling is the most basic and common type of sampling method used in quantitative social science research and in scientific research generally. The main benefit of the simple random sample is that each member of the population has an equal chance of being chosen for the directlenders.ml means that it guarantees that the sample .
One of the best things about simple random sampling is the ease of assembling the sample. It is also considered as a fair way of selecting a sample from a given population since every member is given equal opportunities of being selected. Random sampling definition, a method of selecting a sample (random sample) from a statistical population in such a way that every possible sample that could be selected has a predetermined probability of being selected. See more.