Final answer:
A panel is a group of customers who provide ongoing information for research purposes, allowing the study of trends and behaviors over time. It contrasts with a survey, which collects data from a representative sample to generalize findings to a larger population.
Step-by-step explanation:
A panel is a group of customers who provide information on a continuing basis. By engaging a panel, researchers and companies have the opportunity to gather data consistently over time from the same group of individuals. This allows for monitoring changes and trends among a specific demographic or consumer base. Panels are essential in market research as they help to understand consumer behaviors, preferences, and attitudes towards products or services.
In a survey, a small sector of the population, known as a sample, is chosen to represent a larger group. An effective sample reflects the characteristics of the larger population so that the data collected can be generalized to the wider group. In a random sample, every individual has an equal chance of being selected, which helps in reducing selection bias and improving the reliability of the survey results.