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What are the benefits to be gained by knowing that a proposed sample is more than 5% of the total population’s size? In what marketing situation might this be a common occurrence? A researcher knows from experience the average costs of various data collection alternatives, as represented in the following table: Data Collection Method Cost/Respondent Personal interview $50 Mall Intercept interview $15 Telephone interview $10 Online Panel survey $ 3 If $2,500 is allocated in the research budget for data collection, what are the levels of accuracy for the sample sizes allowable for each data collection method? Based on your findings, comment on the inappropriateness of using cost as the only means of determining sample size.
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