Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(Excel problem) The marketing group for a software development company plans to conduct a telephone survey to determine customer attitudes towards new potential products under

(Excel problem)

The marketing group for a software development company plans to conduct a telephone survey to determine customer attitudes towards new potential products under development. In order to have a sufficient sample size to conduct the analysis, they need to complete surveys with at least 200 respondents from each demographic group (young male, older male, young female, older female). It costs $2.00 to make a week day - daytime survey call and $2.50 to make an evening or weekend phone call. This cost is incurred whether or not anyone answers the phone. Table 1 shows the probability of a given customer answering the phone during each time window. Assume the survey is conducted with whoever first answers the phone. In order to level load the staffing requirements, no more than 40% of the calls can be made during any one time window. How should the marketing group conduct the telephone survey so as to meet the sample size requirements at the lowest possible cost?

Table 1
Who Answers? Weekday - Day Calls Weekday - Evening Call Weekend Calls
Young Male 7% 15% 25%
Older Male 32% 35% 20%
Young Female 11% 15% 25%
Older Female 30% 30% 20%
No answer 20% 5% 10%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finite Mathematics

Authors: Stefan Waner, Steven Costenoble

7th Edition

133751554X, 9781337515542

More Books

Students also viewed these Mathematics questions

Question

Annoyance about a statement that has been made by somebody

Answered: 1 week ago

Question

Self-confidence

Answered: 1 week ago