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Determine the percentage of people in a market

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Reference no: EM132351286

A market-research firm was hired to determine the percentage of people in a market area who would purchase a client's magazine if a door-to-door sales campaign were undertaken. The firm stated that 40% would buy if contacted at home. Suppose the marketing company has tried the sales campaign at 300 randomly selected homes.

  • Assuming the market research was done properly and the 40% is representative, how many sales are expected if the publisher attempts to sell to 5,000 homes?
  • If the market research was accurate, what is the probability that fewer than 100 individuals will buy? Use the normal approximation to the binomial.
  • Suppose that the publisher actually sells the magazine to 70 people out of the 300 contacted. What would you conclude about the market research? About the campaign?

Reference no: EM132351286

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