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Definition of sampling distributions and relation to marketing

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What are sampling distributions? How do they assist in marketing?

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The solution provides an explanation of sampling distributions and their relationship to marketing.

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The sampling distribution describes probabilities associated with a statistic when a random sample is drawn from a population. Derivation of the sampling distribution is the first step in calculating a confidence interval or carrying out a hypothesis test for a parameter.

This is necessary for marketing because research is usually done in order to make decisions. It is impossible to poll everyone who would use a particular product. It would be very expensive, very time consuming and a waste of time. Therefore, marketers would poll only a smaller sample from the ...

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