In a marketing survey, a random sample of 730 women shoppers revealed that 628 remained loyal to their favorite supermarket during the past year (i.e., did not switch stores) (Source: Trends in the United States: Consumer Attitudes and the Supermarket, The Research Department, Food Marketing Institute). Let p represent the proportion of all women shoppers who remain loyal to their favorite supermarket. Find a point estimate for p. Find a 95% confidence interval for p. Give a brief explanation of the meaning of the interval. Interpretation As a news writer, how would you report the survey results regarding the percentage of women supermarket shoppers who remained loyal to their favorite supermarket during the past year? What is the margin of error based on a 95% confidence interval?

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.