The Statement"a Sample Size Decision Is Usually a Compromise Between

question 30

Essay

The statement"a sample size decision is usually a compromise between what is theoretically perfect and what is practically feasible"underscores the importance of why a marketing researcher should have a basic understanding of sample size determinations.List and describe the two primary reasons why a marketing researcher should have this basic understanding.

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Definitions:

Incapacitation

A state of being unable to act or make legal decisions due to physical or mental limitations.

Undisclosed Principal

A principal whose existence is not known by a third party. That is, the third party does not know that an agent is acting on behalf of a principal.

Agent

An individual or entity authorized to act on behalf of another (known as the principal) in dealings with third parties, creating a legal relationship called agency.

Authority

The power or right to give orders, make decisions, and enforce obedience, or a person or organization having such power.