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Sampling and Confidence Intervals Mini-Case Assignment
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. Prepare a memo that includes your findings and recommendations.
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.
Memo Writing Resources
Purdue Online Writing Lab. Memos.
Indeed.com (2019, April). A complete guide to memo writing (With tips and examples).
Rubric
|
Criteria |
Excellent |
Proficient |
Satisfactory |
Unsatisfactory |
Total |
|
Selection of Statistical Criteria |
25 points
Strong conceptual understanding: · Correctly selects the distribution for determining confidence intervals for both price and proportion. · Correctly selects the distribution for determining sample size. |
16 points
Some understanding of concepts: Correctly selects the distribution for determining two of the three required statistical components (confidence interval for price, confidence interval for proportion, sample size). |
8 points
Little understanding of concept: Correctly selects the distribution for determining one of the three required statistical components (confidence interval for price, confidence interval for proportion, sample size). |
0 points
No understanding of concept: Incorrect selection of distribution for determining both confidence intervals and sample size. |
25 |
|
Use of Statistical Formulas |
25 points
Demonstrated strong understanding and completion of formulas for calculating both confidence intervals and sample size. |
16 points
Correctly applies the formula for determining two of the three required statistical components (confidence interval for price, confidence interval for proportion, sample size). |
8 points
Correctly applies the formula for determining one of the three required statistical components (confidence interval for price, confidence interval for proportion, sample size). |
0 points
Selected the incorrect formula for calculating both confidence intervals and sample size. |
25 |
|
Interpretation |
25 Points
Correct interpretation of results. |
16 Points
Adequate interpretation of results. |
8 Points
Little understanding of the interpretation of results. |
0 points
No understanding of interpretation of results. |
25 |
|
Memo |
25 points
Concise memo with clear explanations and supportive evidence. |
16 points
Memo could use improvement. |
8 points
Unclear memo. |
0 points
Missing memo. |
25 |
|
Total |
|
100 |
|||