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Profitability is one of the inherent components of any profit-making business. To achieve this, a business requires the use of promotion and advertising strategies to market its product. A study was carried out in the United States to determine the frequency and benefits of advertising and promotion strategies that were being used by restaurants in the urban center. The study concentrated on ten major advertising and promotion strategies that were believed to be used frequently. Out of the total number of restaurants in the urban areas, only 88 were surveyed (n=88). This was a very small sample size compared to the total number of restaurants in the area. Often a bigger sample size results in precise estimates as compared to the small size. However, as the sample size becomes very large, the variability of data becomes small (Jackson, et al 2010).
The respondents were surveyed by use of phone because it was one of the resalable sources. Statistics show that more than 270 million people are mobile phone subscribers representing 87% of the total population in the United States. It was reviewed that more than one trillion people sent or received text messages every year. The choice to use mobile phones was well thought because it was deemed to reach a big population of the selected sample size. The respondents of the study were required to evaluate the strategies used based on their derived benefits and frequency. However, the study achieved only a 39.7% response rate (Jackson, et al 2010). This was not a good response rate considering the total population in the urban centers and that these restaurants were the main source of food for over 50% of the population. It was found that there was limited use of the promotion and advertising strategies and many people relied on the phone coupons. It was further noted that the use of radio, the internet, and food samples also seemed to be frequently used.
As a marketing manager, it is good to note that sampling is used by statisticians to derive conclusions about a big population by studying a part of it. It is one of the techniques that enable a business to approximate the characteristics of a given population by studying a part of the total population. What we are usually interested in is not the sample itself, but what can be gained from the study and how the collected data can be applied to the total population. The sample size selected should be able to represent the entire population and be responsible for giving about a 95% response rate. High response rates are critical to the success of surveys because the potential for no response bias increases as the response rate decreases. The response rate is the ratio of the number of units with completed interviews (for example telephone numbers) to the number of units sampled and eligible to complete the interview (Bragg, 2009).
The sample survey should be clear and well organized with the right questions asked to the right people. From my understanding, I think that, the above survey was not well organized and that questions were directed to the wrong people thus the poor rate in response. If I was to carry out a survey today, the first step would be to spell out the objectives with much detail as possible. For example, in the article discussed above, the objectives were clear since they were aimed at investigating the frequency and benefits of ten advertising and promotion strategies. I would then decide on the data requirements and the data collection technique. This technique must be sound and able to give enough information. The selection of a phone survey was a good technique considering the level of technology and the unavailability of people for face-to-face surveys. For our business, I would choose the use of phone or internet because most of our customers are of high technology and at the same time they are very busy for face to face interaction. The level of certainty or precision of data depends on the size and composition of the selected sample.
Statistical surveys are important because sometimes the data needed for a particular application are not available through existing sources. In such cases, the data can often be obtained by conducting a statistical study. This can either be an experimental study or an observational study (Anderson, et al 2008). Thereafter one or more other variables are taken for control after which data on their influence is acquired. For example in our restaurant, we might be interested in experimenting to learn about how a new brand of food would affect the health of our customers.
As a manager, I have learned that when using data and statistical analysis as aids to decision making I must be aware of the time and cost required to obtain the data. The use of existing data sources is sought-after when data must be obtained in a relatively short period. The cost of data acquirement and the subsequent statistical analysis should not exceed the savings generated by using the information to make a better decision.
Reference List
- Anderson, D. R., et al (2008). Fundamentals of Business Statistics. New York: Cengage Learning EMEA
- Bragg, S. M. (2009). Wiley Practitioner’s Guide to GAAS 2010: Covering All SASs, SSAEs, SSARSs, and Interpretations Wiley practitioner’s guide to GAAS. New York: John Wiley and Sons
- Jackson, F. H. et al (2010). Frequency of Restaurant advertising and promotion strategies: Exploring an urban market.
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