Scenario Script

The head of Marketing has asked you to provide a MEMO about marketing a new product, a new premium meal-kit service. Subscribers are mailed kits that each contain all the ingredients that a customer would need to make a delicious meal in exactly the right proportions. All the customer needs to do is to follow the provided recipe and a fresh, home-cooked meal is ready in no time.

Marketing needs to gauge their interest in this new service and decide whether to market it nationally. Marketing has stated that 75% of the potential customers must express some desire for the service and, for those who exhibit an interest, the average cost they are willing to pay per two-meal package must be $49.00. Marketing requested a 95% certainty of your findings.

A survey of 50 potential customers yielded the attached data set for price willing to pay.Present your findings and suggestions.

Mini-Case Assignment In your memo, include interpretation of confidence intervals for price and proportion.Calculate the sample size to meet requirements for error of $2.00. Provide a recommendation for the marketing department and justify the recommendation with statistics. Excel data is maximum price each would be willing to pay for the meal kit.