SOLUTION: A marketing research company desires to know the mean consumption of milk per week among people over age 45. A sample of 306 people over age 45 was drawn and the mean milk consumpt

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Written by Mary Kate Miller | June 1, 2021

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Components of market research

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Market research is a cornerstone of all successful, strategic businesses. It can also be daunting for entrepreneurs looking to launch a startup or start a side hustle . What is market research, anyway? And how do you…do it?

We’ll walk you through absolutely everything you need to know about the market research process so that by the end of this guide, you’ll be an expert in market research too. And what’s more important: you’ll have actionable steps you can take to start collecting your own market research.

What Is Market Research?

Market research is the organized process of gathering information about your target customers and market. Market research can help you better understand customer behavior and competitor strengths and weaknesses, as well as provide insight for the best strategies in launching new businesses and products. There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four.

“Virtually every business can benefit from conducting some market research,” says Niles Koenigsberg of Real FiG Advertising + Marketing . “Market research can help you piece together your [business’s] strengths and weaknesses, along with your prospective opportunities, so that you can understand where your unique differentiators may lie.” Well-honed market research will help your brand stand out from the competition and help you see what you need to do to lead the market. It can also do so much more.

The Purposes of Market Research

Why do market research? It can help you…

  • Pinpoint your target market, create buyer personas, and develop a more holistic understanding of your customer base and market.
  • Understand current market conditions to evaluate risks and anticipate how your product or service will perform.
  • Validate a concept prior to launch.
  • Identify gaps in the market that your competitors have created or overlooked.
  • Solve problems that have been left unresolved by the existing product/brand offerings.
  • Identify opportunities and solutions for new products or services.
  • Develop killer marketing strategies .

What Are the Benefits of Market Research?

Strong market research can help your business in many ways. It can…

  • Strengthen your market position.
  • Help you identify your strengths and weaknesses.
  • Help you identify your competitors’ strengths and weaknesses.
  • Minimize risk.
  • Center your customers’ experience from the get-go.
  • Help you create a dynamic strategy based on market conditions and customer needs/demands.

What Are the Basic Methods of Market Research?

The basic methods of market research include surveys, personal interviews, customer observation, and the review of secondary research. In addition to these basic methods, a forward-thinking market research approach incorporates data from the digital landscape like social media analysis, SEO research, gathering feedback via forums, and more. Throughout this guide, we will cover each of the methods commonly used in market research to give you a comprehensive overview.

Primary vs. Secondary Market Research

Primary and secondary are the two main types of market research you can do. The latter relies on research conducted by others. Primary research, on the other hand, refers to the fact-finding efforts you conduct on your own.

This approach is limited, however. It’s likely that the research objectives of these secondary data points differ from your own, and it can be difficult to confirm the veracity of their findings.

Primary Market Research

Primary research is more labor intensive, but it generally yields data that is exponentially more actionable. It can be conducted through interviews, surveys, online research, and your own data collection. Every new business should engage in primary market research prior to launch. It will help you validate that your idea has traction, and it will give you the information you need to help minimize financial risk.

You can hire an agency to conduct this research on your behalf. This brings the benefit of expertise, as you’ll likely work with a market research analyst. The downside is that hiring an agency can be expensive—too expensive for many burgeoning entrepreneurs. That brings us to the second approach. You can also do the market research yourself, which substantially reduces the financial burden of starting a new business .

Secondary Market Research

Secondary research includes resources like government databases and industry-specific data and publications. It can be beneficial to start your market research with secondary sources because it’s widely available and often free-to-access. This information will help you gain a broad overview of the market conditions for your new business.

Identify Your Goals and Your Audience

Before you begin conducting interviews or sending out surveys, you need to set your market research goals. At the end of your market research process, you want to have a clear idea of who your target market is—including demographic information like age, gender, and where they live—but you also want to start with a rough idea of who your audience might be and what you’re trying to achieve with market research.

You can pinpoint your objectives by asking yourself a series of guiding questions:

  • What are you hoping to discover through your research?
  • Who are you hoping to serve better because of your findings?
  • What do you think your market is?
  • Who are your competitors?
  • Are you testing the reception of a new product category or do you want to see if your product or service solves the problem left by a current gap in the market?
  • Are you just…testing the waters to get a sense of how people would react to a new brand?

Once you’ve narrowed down the “what” of your market research goals, you’re ready to move onto how you can best achieve them. Think of it like algebra. Many math problems start with “solve for x.” Once you know what you’re looking for, you can get to work trying to find it. It’s a heck of a lot easier to solve a problem when you know you’re looking for “x” than if you were to say “I’m gonna throw some numbers out there and see if I find a variable.”

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How to Do Market Research

This guide outlines every component of a comprehensive market research effort. Take into consideration the goals you have established for your market research, as they will influence which of these elements you’ll want to include in your market research strategy.

Secondary Data

Secondary data allows you to utilize pre-existing data to garner a sense of market conditions and opportunities. You can rely on published market studies, white papers, and public competitive information to start your market research journey.

Secondary data, while useful, is limited and cannot substitute your own primary data. It’s best used for quantitative data that can provide background to your more specific inquiries.

Find Your Customers Online

Once you’ve identified your target market, you can use online gathering spaces and forums to gain insights and give yourself a competitive advantage. Rebecca McCusker of The Creative Content Shop recommends internet recon as a vital tool for gaining a sense of customer needs and sentiment. “Read their posts and comments on forums, YouTube video comments, Facebook group [comments], and even Amazon/Goodreads book comments to get in their heads and see what people are saying.”

If you’re interested in engaging with your target demographic online, there are some general rules you should follow. First, secure the consent of any group moderators to ensure that you are acting within the group guidelines. Failure to do so could result in your eviction from the group.

Not all comments have the same research value. “Focus on the comments and posts with the most comments and highest engagement,” says McCusker. These high-engagement posts can give you a sense of what is already connecting and gaining traction within the group.

Social media can also be a great avenue for finding interview subjects. “LinkedIn is very useful if your [target customer] has a very specific job or works in a very specific industry or sector. It’s amazing the amount of people that will be willing to help,” explains Miguel González, a marketing executive at Dealers League . “My advice here is BE BRAVE, go to LinkedIn, or even to people you know and ask them, do quick interviews and ask real people that belong to that market and segment and get your buyer persona information first hand.”

Market research interviews can provide direct feedback on your brand, product, or service and give you a better understanding of consumer pain points and interests.

When organizing your market research interviews, you want to pay special attention to the sample group you’re selecting, as it will directly impact the information you receive. According to Tanya Zhang, the co-founder of Nimble Made , you want to first determine whether you want to choose a representative sample—for example, interviewing people who match each of the buyer persona/customer profiles you’ve developed—or a random sample.

“A sampling of your usual persona styles, for example, can validate details that you’ve already established about your product, while a random sampling may [help you] discover a new way people may use your product,” Zhang says.

Market Surveys

Market surveys solicit customer inclinations regarding your potential product or service through a series of open-ended questions. This direct outreach to your target audience can provide information on your customers’ preferences, attitudes, buying potential, and more.

Every expert we asked voiced unanimous support for market surveys as a powerful tool for market research. With the advent of various survey tools with accessible pricing—or free use—it’s never been easier to assemble, disseminate, and gather market surveys. While it should also be noted that surveys shouldn’t replace customer interviews , they can be used to supplement customer interviews to give you feedback from a broader audience.

Who to Include in Market Surveys

  • Current customers
  • Past customers
  • Your existing audience (such as social media/newsletter audiences)

Example Questions to Include in Market Surveys

While the exact questions will vary for each business, here are some common, helpful questions that you may want to consider for your market survey. Demographic Questions: the questions that help you understand, demographically, who your target customers are:

  • “What is your age?”
  • “Where do you live?”
  • “What is your gender identity?”
  • “What is your household income?”
  • “What is your household size?”
  • “What do you do for a living?”
  • “What is your highest level of education?”

Product-Based Questions: Whether you’re seeking feedback for an existing brand or an entirely new one, these questions will help you get a sense of how people feel about your business, product, or service:

  • “How well does/would our product/service meet your needs?”
  • “How does our product/service compare to similar products/services that you use?”
  • “How long have you been a customer?” or “What is the likelihood that you would be a customer of our brand?

Personal/Informative Questions: the deeper questions that help you understand how your audience thinks and what they care about.

  • “What are your biggest challenges?”
  • “What’s most important to you?”
  • “What do you do for fun (hobbies, interests, activities)?”
  • “Where do you seek new information when researching a new product?”
  • “How do you like to make purchases?”
  • “What is your preferred method for interacting with a brand?”

Survey Tools

Online survey tools make it easy to distribute surveys and collect responses. The best part is that there are many free tools available. If you’re making your own online survey, you may want to consider SurveyMonkey, Typeform, Google Forms, or Zoho Survey.

Competitive Analysis

A competitive analysis is a breakdown of how your business stacks up against the competition. There are many different ways to conduct this analysis. One of the most popular methods is a SWOT analysis, which stands for “strengths, weaknesses, opportunities, and threats.” This type of analysis is helpful because it gives you a more robust understanding of why a customer might choose a competitor over your business. Seeing how you stack up against the competition can give you the direction you need to carve out your place as a market leader.

Social Media Analysis

Social media has fundamentally changed the market research landscape, making it easier than ever to engage with a wide swath of consumers. Follow your current or potential competitors on social media to see what they’re posting and how their audience is engaging with it. Social media can also give you a lower cost opportunity for testing different messaging and brand positioning.

SEO Analysis and Opportunities

SEO analysis can help you identify the digital competition for getting the word out about your brand, product, or service. You won’t want to overlook this valuable information. Search listening tools offer a novel approach to understanding the market and generating the content strategy that will drive business. Tools like Google Trends and Awario can streamline this process.

Ready to Kick Your Business Into High Gear?

Now that you’ve completed the guide to market research you know you’re ready to put on your researcher hat to give your business the best start. Still not sure how actually… launch the thing? Our free mini-course can run you through the essentials for starting your side hustle .

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About Mary Kate Miller

Mary Kate Miller writes about small business, real estate, and finance. In addition to writing for Foundr, her work has been published by The Washington Post, Teen Vogue, Bustle, and more. She lives in Chicago.

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a marketing research company desires to know

  • Mathematics

A marketing research company desires to know the mean consumption of milk per week among people over age 45. They believe that the milk consumption has a mean of 4.2 liters, and want to construct a 98% confidence interval with a maximum error of 0.08 liters. Assuming a standard deviation of 0.6 liters, what is the minimum number of people over age 45 they must include in their sample

Kellit1685 is waiting for your help., expert-verified answer.

  • 29.1K answers
  • 301.5M people helped

The minimum number of people over age 45 they must include in their sample is 305.

Step-by-step explanation:

\alpha

Now, find the margin of error M as such

M = z(\sigma)/(√(n))

Standard deviation of 0.6 liters

\sigma = 0.6

What is the minimum number of people over age 45 they must include in their sample?

This is n for which M = 0.08. So

0.08 = 2.327(0.6)/(√(n))

Rounding up:

Still have questions?

Get more answers for free, you might be interested in, new questions in mathematics.

More From Forbes

17 Generative AI Data Analytics Tools Everyone Should Know About

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Thanks to generative AI, we’re getting close to the promise of truly “democratizing” data. This means anyone can make decisions that are data-driven, not just highly skilled data scientists.

Here ‘s the issue: The amount of data in the world is growing exponentially. And hidden within all of that information are insights that can potentially help us do anything from curing cancer and discovering new sources of clean energy, to improving our health and fitness and growing our businesses.

So the problem isn’t that we don’t have enough information do these things. It’s that we have too much, and don’t know the best place to start!

Traditionally, extracting insights and value from data required two things – very clever, highly trained people and lots of time.

Here, AI has proven very useful. For the past decade, we’ve used deep learning algorithms to crunch numbers far quicker than any human, spotting patterns and pulling out insights. It also allows us to find clues hidden in unstructured data, such as text, video and sound.

Now, generative AI can translate these insights into advice and instructions that anyone can easily understand, as well as create and interpret graphs, charts and statistics.

So here’s my roundup of what I believe to be the most useful tools for anyone wanting to apply generative AI to data analytics, whether they are an enthusiastic amateur or expert in the field.

The Alteryx platform now incorporates a no-code AI studio to let users create their own analytics apps using custom business data. Data can then be queried through a natural language interface, which includes access to models such as OpenAI’s GPT-4.

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Built on its Alteryx AiDIN engine, the platform differentiates itself from competitors with a user-friendly approach to predictive analytics and insight generation. A key feature is its Workflow Summary Tool, which interprets complex workflows into simple-to-understand natural language explanations and summaries. You can also specify how you want your reports to be output, for example, in email or PowerPoint formats, to target your desired audience.

Overall, Alteryx is a great choice for analysts and SME users looking for an all-around platform for creating custom analytics apps and generating predictive insights.

Microsoft Power BI

This is an industry-standard analytics package that’s been enhanced with the power of generative AI, harnessing Microsoft’s Co-Pilot technology and models developed with OpenAI, including customized versions of its powerful GPT-4 models.

The platform integrates numerous technologies including Microsoft’s Fabric AI-powered analytics framework, as well as Azure Synapse which allows it to seamlessly integrate with data warehouse and other Big Data technologies like Apache Spark. This creates an end-to-end analytics solution suitable for the largest enterprise workloads, enabling anything from simple analytics to building and deploying your own machine learning models on Azure. It’s a good choice for enterprise users needing flexible cloud integrations and dealing with extensive data workloads.

Tableau Pulse

Tableau is one of the world’s most popular data visualization tools and now features Tableau Pulse, built on Salesforce’s Einstein models, for AI-powered insights. Its Insights Platform allows automated analysis of datasets, extracting insights and trends in natural language while also generating visualizations. The package is aimed at facilitating data-driven decision-making and improving productivity by giving business users access to in-depth analytics at their fingertips. Security and ethics are also important when working with data, So Salesforce has integrated its Einstein Trust Layer guardrails with Tableau Pulse for peace of mind in this respect. Ideal for decision-makers who want to create user-friendly and detailed visualizations.

Another established analytics and data platform that now lets users embed generative AI analytics content into their reports and dashboards through its Qlik Answers assistant. It features automated summaries of key data points, natural language reporting and a host of integrations with third-party tools and platforms. A particular emphasis is placed on explainability to ensure it is always able to support its insights with sources and citations. The Qlik platform is particularly useful for users who want to analyze large volumes of unstructured data like text or videos, and now, thanks to Qlik Answers, this can all be done with natural language.

Sisense now lets you embed conversational analytics directly into your BI tools and applications. This makes it simple to automate processes including data preparation as well as building analytics dashboards and reports. Sisense is a widely used platform with a user-base spanning research scientists to business analysts, and is designed to make analytics accessible to anyone, regardless of their level of expertise. This makes it a useful tool for anyone needing a powerful analytics engine that can be deployed quickly and efficiently.

More Generative AI Data Analytics Tools

New genAI-powered analytics tools are emerging practically every day. Here are some of the others that are worth taking a look at.

Generative BI platform that enables predictive modeling and insight generation.

Coefficient

Coefficient automates importing live data from platforms like Hubspot or Salesforce into Excel or Goole Sheets and can interface with ChatGPT to query your data in natural language.

Domo uses natural language conversations to guide you through the process of deploying analytics and extracting insights.

Generative AI Tools For Excel

The plugin provides custom connectivity with Excel for ChatGPT, Claude, and Gemini Pro.

Talk directly to your data to get expert insights and analysis alongside customized reports.

Microstrategy

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MonkeyLearn

It specializes in the in-depth analysis of text information, such as customer feedback reports.

Answer your important business questions with instant insights using Polymer’s PolyAI chatbot.

Conversational data discovery and dashboard building with built-in security features, works with any LLM.

Generative AI analytics designed to provide marketing insights.

ThoughtSpot

AI-driven analytics platform that combines search and AI to enable natural language queries and automated insights generation.

YellowfinBI

Emphasizes data-driven storytelling and a collaborative approach to machine learning-powered analytics.

Bernard Marr

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a marketing research company desires to know

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Investors Heavily Search Kinder Morgan, Inc. (KMI): Here is What You Need to Know

Kinder Morgan ( KMI Quick Quote KMI - Free Report ) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.

Shares of this oil and natural gas pipeline and storage company have returned +5.6% over the past month versus the Zacks S&P 500 composite's -0.4% change. The Zacks Oil and Gas - Production and Pipelines industry, to which Kinder Morgan belongs, has gained 3.7% over this period. Now the key question is: Where could the stock be headed in the near term?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Earnings Estimate Revisions

Here at Zacks, we prioritize appraising the change in the projection of a company's future earnings over anything else. That's because we believe the present value of its future stream of earnings is what determines the fair value for its stock.

Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock's fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.

For the current quarter, Kinder Morgan is expected to post earnings of $0.26 per share, indicating a change of +4% from the year-ago quarter. The Zacks Consensus Estimate has changed -0.4% over the last 30 days.

The consensus earnings estimate of $1.19 for the current fiscal year indicates a year-over-year change of +11.2%. This estimate has changed +1.5% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $1.23 indicates a change of +3.5% from what Kinder Morgan is expected to report a year ago. Over the past month, the estimate has changed +0.8%.

With an impressive externally audited track record , our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates , has resulted in a Zacks Rank #3 (Hold) for Kinder Morgan.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue growth forecast.

Even though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For Kinder Morgan, the consensus sales estimate for the current quarter of $3.87 billion indicates a year-over-year change of -0.9%. For the current and next fiscal years, $15.54 billion and $16.22 billion estimates indicate +1.3% and +4.4% changes, respectively.

Last Reported Results and Surprise History

Kinder Morgan reported revenues of $3.57 billion in the last reported quarter, representing a year-over-year change of +2%. EPS of $0.25 for the same period compares with $0.24 a year ago.

Compared to the Zacks Consensus Estimate of $3.88 billion, the reported revenues represent a surprise of -7.99%. The EPS surprise was 0%.

Over the last four quarters, the company surpassed EPS estimates just once. The company topped consensus revenue estimates just once over this period.

Without considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S) and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an An is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Kinder Morgan is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

The facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Kinder Morgan. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

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VIDEO

  1. The 4 Best Places To Do Market Research

  2. Consider This Before Choosing a Market Research Company

  3. Competitor Research: Analyze Target Markets

  4. 🔮 Who is your dream client?

  5. What is Marketing Research? A Brief Overview

  6. Types of Marketing Research

COMMENTS

  1. Lesson 9.1 Estimating the Population Mean Flashcards

    A marketing research company desires to know the mean consumption of milk per week among males over age 3939. A sample of 524 males over age 39 was drawn and the mean milk consumption was 5.2 liters. Assume that the population standard deviation is known to be 0.8 liters. Construct the 99% confidence interval for the mean consumption of milk ...

  2. Inferential Statistics Flashcards

    A marketing research company desires to know the mean consumption of meat per week among people over age 30. A sample of 2092 people over age 30 was drawn and the mean meat consumption was 3 pounds. Assume that the population standard deviation is known to be 1.4 pounds. Construct the 95% confidence interval for the mean consumption of meat ...

  3. Solved A marketing research company desires to know the

    A marketing research company desires to know the mean consumption of meat per week among males over age 35. A sample of 3611 males over age 35 was drawn and the mean meat consumption was 2.5 pounds. Assume that the population standard deviation is known to be 1.4 pounds. Construct the 99% confidence interval for the mean consumption of meat ...

  4. SOLUTION: A marketing research company desires to know the mean

    Question 1179407: A marketing research company desires to know the mean consumption of milk per week among people over age 45. A sample of 306 people over age 45 was drawn and the mean milk consumption was 3.9 liters. Assume that the population standard deviation is known to be 0.7 liters.

  5. Principles of Statistics Chap 10.2 Flashcards

    A research company desires to know the mean consumption of meat per week among people over age 24. A sample of 153 people over age 24 was drawn and the mean meat consumption was 4.7 pounds. Assume that the population standard deviation is known to be 0.7 pounds. Construct the 90% confidence interval for the mean consumption of meat among people ...

  6. The Complete Guide to Market Research: What It Is, Why You ...

    There are different ways to approach market research, including primary and secondary research and qualitative and quantitative research. The strongest approaches will include a combination of all four. "Virtually every business can benefit from conducting some market research," says Niles Koenigsberg of Real FiG Advertising + Marketing.

  7. SOLVED: A marketing research company desires to know the mean

    A marketing research company desires to know the mean consumption of meat per week among people over age 31 . A sample of 130 people over age 31 was drawn and the mean meat consumption was 4.9 pounds. Assume that the population standard deviation is known to be 0.9 pounds. Construct the 80% confidence interval for the mean consumption of meat ...

  8. Solved A marketing research company desires to know the mean

    A marketing research company desires to know the mean consumption of milk per week among males over age 30. A sample of 488 males over age 30 was drawn and the mean milk consumption was 4.8 liters. Assume that the population standard deviation is known to be 0.7 liters. Construct the 99% confidence interval tor the mean consumption of milk ...

  9. SOLVED: A research company desires to know the mean ...

    A marketing research company desires to know the mean consumption of meat per week among people over age 31. A sample of 130 people over age 31 was drawn and the mean meat consumption was 4.9 pounds. Assume that the population standard deviation is known to be 0.9 pounds. Construct the 80% confidence interval for the mean consumption of meat ...

  10. PDF Practice Problems for Test 3 (sections 7.1-7.3, 8.1-8.4)

    A research company desires to know the mean consumption of milk per week among males over age 25. A sample of 650 males over age 25 was drawn and the mean milk consumptionwas 3.4 liters. Assume that the population standard deviation is known to be 1.3 liters. Construct the 95% confidence interval for the mean

  11. marketing research company desires to know the mean ...

    A marketing research company desires to know the mean consumption of milk per week among males over age 25.A sample of 4145 males over age 25 was drawn and the mean milk consumption was 5_ liters Assume that the population standard deviation is known to be 1.44 liters_ Construct the 99 % confidence interval for the mean consumption of milk among males over age 25.

  12. Solved A marketing research company desires to know the mean

    A marketing research company desires to know the mean consumption of meat per week among males over age 25 A sample of 1596 makes over age 25 was drawn and the mean meat consumption was 4.4 pounds Assume that the population standard deviation is known to be 1.3 pounds. Construct the 98%. confidence interval for the mean consumption of meat ...

  13. Solved A marketing research company desires to know the mean

    A marketing research company desires to know the mean consumption of milk per week among males over age 21. A sample of 574 males over age 21 was drawn and the mean milk consumption was 4.1 liters. Assume that the population standard deviation is known to be 1.1 liters. Construct the 95% confidence interval for the mean consumption of milk ...

  14. Solved A marketing research company desires to know the

    A marketing research company desires to know the mean consumption of meat per week among people over age 29 29 . A sample of 335 335 people over age 29 29 was drawn and the mean meat consumption was 3.5 3 . 5 pounds. Assume that the population standard deviation is known to be 0.9 0 . 9 pounds. Construct the 90% 90 % confidence interval for the ...

  15. A marketing research company desires to know the mean consumption of

    A marketing research company desires to know the mean consumption of milk per week among males over age 25. A sample of 513 males over age 25 was drawn and the mean milk consumption was 2.9 liters. Assume that the population standard deviation is known to be 1.1 liters. Construct the 85% confidence interval for the mean consumption of milk ...

  16. SOLVED: A marketing research company desires to know the mean

    A marketing research company desires to know the mean consumption of milk per week among males over age 25.A sample of 4145 males over age 25 was drawn and the mean milk consumption was 5_ liters Assume that the population standard deviation is known to be 1.44 liters_ Construct the 99 % confidence interval for the mean consumption of milk ...

  17. Flashcards Lesson 9.1 Estimating the Population Mean

    A marketing research company desires to know the mean consumption of milk per week among males over age 3939. A sample of 524 males over age 39 was drawn and the mean milk consumption was 5.2 liters. Assume that the population standard deviation is known to be 0.8 liters. Construct the 99% confidence interval for the mean consumption of milk ...

  18. A marketing research company desires to know the mean consumption of

    A marketing research company desires to know the mean consumption of milk per week among males over age 32. A sample of 710 males over age 32 was drawn and the mean milk consumption was 4.6 liters. Assume that the population standard deviation is known to be 0.8 liters.

  19. 17 Generative AI Data Analytics Tools Everyone Should Know About

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  20. SOLVED: A marketing research company desires to know the mean

    VIDEO ANSWER: All right in this problem we have a marketing research company desires to know the mean consumption of milk per week among people over 30 and they believe that the milk consumption has a mean so that's our x bar of 3 .5 liters so our x

  21. Bus stat 8 Flashcards

    A marketing research company desires to know the mean consumption of meat per week among people over age 30. A sample of 2092 people over age 30 was drawn and the mean meat consumption was 3 pounds. Assume that the population standard deviation is known to be 1.4 pounds. Construct the 95% confidence interval for the mean consumption of meat ...

  22. Investors Heavily Search Kinder Morgan, Inc. (KMI): Here is What You

    While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S) and price-to-cash flow (P/CF), with its own historical values helps ...

  23. SOLVED: A marketing research company desires to know the mean

    VIDEO ANSWER: In this exercise, we consider a sample of 2 ,092 people over the age of 30, and the mean meat consumption per week for these 2 ,092 was 3 pounds, and we're also told that the population standard deviation of consumption is 1 .4 pounds.

  24. Solved A marketing research company desires to know the mean

    A marketing research company desires to know the mean consumption of milk per week among males over age 39. A sample of 524 males over age 39 was drawn and the mean milk consumption was 5.2 liters. Assume that the population standard deviation is known to be 0.8 liters. Construct the 99% confidence interval for the mean consumption of milk ...

  25. Solved A marketing research company desires to know the mean

    A marketing research company desires to know the mean consumption of milk per week among males over age 25. A sample of 4145 males over age 25 was drawn and the mean milk consumption was 5.1 liters. Assume that the population standard deviation is known to be 1.4 liters. Construct the 99% confidence interval for the mean consumption of milk ...