An oven manufacturer commissions a market research firm to create a market segmentation scheme for the oven market. The market research firm collects a sample of 300 customers who intend to buy a new oven within the next year and creates the segmentation scheme using latent class analysis based on family size, income, and various lifestyle habits. The oven manufacturer believes the scheme is very usable for their target marketing programs and believes their product line is ideally suited for one particular segment the firm identified. That one particular segment is code- named the "Self-Cooking Foodies." The market research firm provides a 95% confidence interval estimator on the proportion of the market who is classified into the Self-Cooking Foodies segment. This interval estimator is 0.24 + 0.05. The number of customers in the market research firm's sample who were classified as a Self-Cooking Foodie is There are 100,000 customers who intend to buy a new oven within the next year in the area of the country where the oven manufacturer intends to run their target marketing campaign. This means with 95% confidence that there are between LCL = 19,000 and UCL = 29,000 customers who would be classified as a Self-Cooking Foodie in that particular area of the country.
An oven manufacturer commissions a market research firm to create a market segmentation scheme for the oven market. The market research firm collects a sample of 300 customers who intend to buy a new oven within the next year and creates the segmentation scheme using latent class analysis based on family size, income, and various lifestyle habits. The oven manufacturer believes the scheme is very usable for their target marketing programs and believes their product line is ideally suited for one particular segment the firm identified. That one particular segment is code- named the "Self-Cooking Foodies." The market research firm provides a 95% confidence interval estimator on the proportion of the market who is classified into the Self-Cooking Foodies segment. This interval estimator is 0.24 + 0.05. The number of customers in the market research firm's sample who were classified as a Self-Cooking Foodie is There are 100,000 customers who intend to buy a new oven within the next year in the area of the country where the oven manufacturer intends to run their target marketing campaign. This means with 95% confidence that there are between LCL = 19,000 and UCL = 29,000 customers who would be classified as a Self-Cooking Foodie in that particular area of the country.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Please do not give solution in image format thanku
P.S: My LCL and UCL might be wrong
Transcribed Image Text:13. Sizing a segment
An oven manufacturer commissions a market research firm to create a market segmentation scheme for the oven market. The market research firm
collects a sample of 300 customers who intend to buy a new oven within the next year and creates the segmentation scheme using latent class
analysis based on family size, income, and various lifestyle habits. The oven manufacturer believes the scheme is very usable for their target
marketing programs and believes their product line is ideally suited for one particular segment the firm identified. That one particular segment is code-
named the "Self-Cooking Foodies."
The market research firm provides a 95% confidence interval estimator on the proportion of the market who is classified into the Self-Cooking Foodies
segment. This interval estimator is 0.24 ± 0.05.
The number of customers in the market research firm's sample who were classified as a Self-Cooking Foodie is
There are 100,000 customers who intend to buy a new oven within the next year in the area of the country where the oven manufacturer intends to
run their target marketing campaign. This means with 95% confidence that there are between LCL = 19,000 and UCL = 29,000 customers
who would be classified as a Self-Cooking Foodie in that particular area of the country.
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