Question
A retail company wants to study customer purchasing behaviour in its stores. What would be the
population for this study be? How will you sample the data and draw inferences? Also, differentiate
between descriptive and inferential statistics with suitable examples
Answer :
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Skip in 10
In a study of customer purchasing behaviour in a retail company, the population refers to the complete group of individuals or units that the researcher wants to study and about which conclusions are to be drawn. In this case, the population would include all customers who purchase products from the company’s stores during the specific period of study. It may include customers from different locations, age groups, income levels, and purchasing patterns. The population can be defined more clearly by considering factors such as the number of stores, geographical area, time period, and type of customers being studied. Studying the entire population is often difficult because it requires more time, money, and resources. Therefore, a sample is selected from the population to collect data and analyse customer behaviour. Sampling is the process of choosing a smaller group that represents the characteristics of the entire population. A suitable sampling method for this study could be simple random sampling, stratified sampling, or systematic sampling. In simple random sampling, customers are selected randomly from the list of all customers so that each customer has an equal chance of being included. Stratified sampling can be used when the company wants representation from different customer groups. For example, customers can be divided into groups based on age, gender, income level, or location, and samples can be selected from each group. Systematic sampling may involve selecting every tenth customer entering a
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