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You are a brand manager and have been running general TV spots to market your product. Now, you are considering running a series of spots that specifically targets wealthy consumers. The spots will cost $2K out of your $100K advertising budget. You estimate the market potential for wealthy consumers to be $250K. You hire a marketing research firm to conduct a survey that will help you determine if wealthy consumers will respond more favorably to the spots targeted towards them than the general spots. The researcher suggests you "use an alpha level = .05."
Explain in managerial terms what is meant by "use an alpha level = .05." Do you agree with her suggestion? If so, explain why. If not, explain why and indicate the alpha level you would use instead.
After conducting the research, the researcher reports that wealthy consumers did in fact respond more favorably to the spots targeted towards them than the general spots (p = .12). Explain in managerial terms what is meant by p = .12. Given your answer to question 1a, what managerial action would you undertake?
Compare and contrast quantitative and qualitative research designs. Identify and discuss some advantages and disadvantages for each type of research.
The area under a normal curve is always equal to 1, no matter what the mean and standard deviation are.
Do you try to pad your insurance claim to cover your deductible? About 40% of all U.S. adults will try to pad their insurance claims. Suppose that you are the director of an insurance adjustment office.
If there is relationship between parental income and SAT score, why can't we bring to a close that differences in score are caused by differences in parental income.
For what proportion of patients will drug be effective for between 2 and 2.25 hours?
CCI is unable to adjust the mean of the filling process. However, it is able to adjust the standard deviation of the filling process.
A retail federation conducted a nationwide survey of 1000 adults last October and found that approximately 55% of the respondents planned to do some type of Halloween decorating.
Mutual funds are classified as large-cap funds, medium cap funds, or small-cap funds, depending ont eh capitalizaiton of the companies in the fund.
After the presidential debates, a random sample of 1200 voters showed that 540 favored the Democratic candidate; 480 were in favor of the Republican candidate; 40 were in favor of the Independent candidate, and 140 were undecided. At a 1% level of..
Assuming that the first digit cannot be a zero, compute the number of possible outcomes when the digits can be repeated.
What minimum sample size will be required if they want to be 99% confident that the sample proportion will not differ from the true population proportion by more than 5%?
The student newspaper on our campus was interested in binge drinking. For their article, they surveyed 50 fraternity members, and found they drink more than 5 drinks an average of 7 times per month.
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