SOLUTION: A marketing manager is in the process of deciding whether to introduce a new product. He has concluded that he needs to perform a market survey in which he asks a random sample of

Question 1176563: A marketing manager is in the process of deciding whether to introduce a new product. He has concluded that he needs to perform a market survey in which he asks a random sample of people whether they will buy the product. How large a sample should he take if he wants to estimate the proportion of people who will buy the product to within 3%, with 99% confidence?
Answer by ewatrrr(24785) (Show Source): You can put this solution on YOUR website!


Hi

n = 
n =    |Using p = .5
n = 1843.27   0r 1844 rounded up to next whole number

Wish You the Best in your Studies.

RELATED QUESTIONS
a marketing manager wants to know if there is any difference in the proportion of... (answered by Theo)

1.Karen wants to perform a test of hypothesis using α = 0.05 to test H0: μ = 73 (answered by stanbon)

A person is the manager of a firm. He is considering manufacturing a new product,... (answered by stanbon)

Bill is doing a project for you in the marketing department. In conducting his analysis... (answered by stanbon)

The manager of a fish store has water that is 10% salt and the other water that is 25%.... (answered by Alan3354,Fombitz,josmiceli)

A company is planning to introduce a new product. The company estimates that $500 worth... (answered by cleomenius)

Apple company has released its new i-phone in the market with a suggested retail price of (answered by ikleyn)

A leading manufacturer of video games is about to introduce four new games. The... (answered by solver91311)