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Basic Marketing Research with Excel 3rd Edition by Alvin Burns,Ronald Bush
Edition 3ISBN: 978-0135078228Basic Marketing Research with Excel 3rd Edition by Alvin Burns,Ronald Bush
Edition 3ISBN: 978-0135078228 Exercise 24
Your Integrated Case
Advanced Automobile Concepts
As you know, Nick Thomas, CEO of Advanced Automobile Concepts, has agreed with Cory Rogers of CMG Research to use an online method of survey. In particular, the decision has been made to purchase panel access, meaning that the online survey, developed with the use of Qualtrics, will be completed by individuals who have joined the ranks of the panel data company and agreed to periodically answer surveys online. Even though these individuals are compensated by their panel companies, the companies claim that their panel members are highly representative of the general population. Also, because the panel members have provided extensive information about themselves such as demographics, lifestyles, and product ownership that is stored in the panel company data banks, a client can purchase this data without the necessity of asking these questions on its survey.
Rogers's CMG Research team has done some investigation and they have concluded that there are several panel companies that can provide a representative sample of U.S. households. Rogers decides to purchase the sample from a company that can provide a probability sample of U.S. households. The company provides blended data, which is a combination of stored database information on the panel members and answers to online survey questions. The cost will be based on the number of respondents.
Rogers knows that his Advanced Automobile Concepts client is operating under two constraints. First, Zen Motors top management has agreed to a total cost for all of the research, and it is up to Thomas to spend this budget prudently. If a large portion of the budget is expended on a single activity, such as paying for an online panel sample, then there are less funds available for other research activities. Second, Rogers knows from his extensive experience with clients that both Thomas and Zen Motors top management will expect this project to have a large sample size. Of course, as a marketing researcher, Rogers realizes that large sample sizes are generally not required from a sample error standpoint, but he must be prepared to respond to any questions, reservations, or objections from Thomas or Zen Motors top management when the sample size is proposed. As preparation for the possible need to convince top management that Rogers's recommendation is the right decision for the sample size for the Advanced Automobile Concepts survey, he decides to make a table that specifies sample error and cost of the sample.
For each of the following possible sample sizes, calculate the associated expected cost of the panel sample and the sample error.
1. 20,000
2. 10,000
3. 5,000
4. 2,500
5. 1,000
6. 500
Advanced Automobile Concepts
As you know, Nick Thomas, CEO of Advanced Automobile Concepts, has agreed with Cory Rogers of CMG Research to use an online method of survey. In particular, the decision has been made to purchase panel access, meaning that the online survey, developed with the use of Qualtrics, will be completed by individuals who have joined the ranks of the panel data company and agreed to periodically answer surveys online. Even though these individuals are compensated by their panel companies, the companies claim that their panel members are highly representative of the general population. Also, because the panel members have provided extensive information about themselves such as demographics, lifestyles, and product ownership that is stored in the panel company data banks, a client can purchase this data without the necessity of asking these questions on its survey.
Rogers's CMG Research team has done some investigation and they have concluded that there are several panel companies that can provide a representative sample of U.S. households. Rogers decides to purchase the sample from a company that can provide a probability sample of U.S. households. The company provides blended data, which is a combination of stored database information on the panel members and answers to online survey questions. The cost will be based on the number of respondents.
Rogers knows that his Advanced Automobile Concepts client is operating under two constraints. First, Zen Motors top management has agreed to a total cost for all of the research, and it is up to Thomas to spend this budget prudently. If a large portion of the budget is expended on a single activity, such as paying for an online panel sample, then there are less funds available for other research activities. Second, Rogers knows from his extensive experience with clients that both Thomas and Zen Motors top management will expect this project to have a large sample size. Of course, as a marketing researcher, Rogers realizes that large sample sizes are generally not required from a sample error standpoint, but he must be prepared to respond to any questions, reservations, or objections from Thomas or Zen Motors top management when the sample size is proposed. As preparation for the possible need to convince top management that Rogers's recommendation is the right decision for the sample size for the Advanced Automobile Concepts survey, he decides to make a table that specifies sample error and cost of the sample.
For each of the following possible sample sizes, calculate the associated expected cost of the panel sample and the sample error.
1. 20,000
2. 10,000
3. 5,000
4. 2,500
5. 1,000
6. 500
Explanation
Verified
Verified
Accuracy of a sample is the amount of sa...
Basic Marketing Research with Excel 3rd Edition by Alvin Burns,Ronald Bush
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