Colgate-Palmolive wants to introduce a new teeth whitening toothpaste and mouthwash combo. The company needs to forecast the size of potential demand. It hires you, a marketing research expert, to identify it and recommend to Colgate-Palmolive a course of action, that is introduce the new product or not. The company does not give you access to their previous consumer studies or market research data, it only tells you that it wants a maximum 6% acceptable error in your study and wishes for the forecasted demand to be reported with 9% confidence. You know that you have to research secondary data sources to determine past demand of whitening toothpaste. You find one study, Study 1, that shows that in 2019, 30% of US consumers switched to whitening toothpastes. Then, you find Study 2 that shows consumers’ liking of whitening toothpastes varied over the years from 15% all the way to 45% in the past 5 years. Given all this, how would you calculate the size of the sample of respondents you will survey in order to determine the current percentage of US consumers willing to buy the new Colgate-Palmolive toothpaste? Use z = 1.95 for a 95% confidence level. You have to educate the client on the sample size – accuracy relationship.

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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Colgate-Palmolive wants to introduce a new teeth whitening toothpaste and mouthwash combo. The company needs to forecast the size of potential demand. It hires you, a marketing research expert, to identify it and recommend to Colgate-Palmolive a course of action, that is introduce the new product or not. The company does not give you access to their previous consumer studies or market research data, it only tells you that it wants a maximum 6% acceptable error in your study and wishes for the forecasted demand to be reported with 9% confidence. You know that you have to research secondary data sources to determine past demand of whitening toothpaste. You find one study, Study 1, that shows that in 2019, 30% of US consumers switched to whitening toothpastes. Then, you find Study 2 that shows consumers’ liking of whitening toothpastes varied over the years from 15% all the way to 45% in the past 5 years. Given all this, how would you calculate the size of the sample of respondents you will survey in order to determine the current percentage of US consumers willing to buy the new Colgate-Palmolive toothpaste? Use z = 1.95 for a 95% confidence level. You have to educate the client on the sample size – accuracy relationship. Beyond your specific sample size calculations, make sure you show the client the graph portraying this inverse relationship

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