Gentlemen’s Magazine

5 You have been approached by the editor of Gentlemen’s Magazine to carry out a research study. The magazine has been unsuccessful in attracting shoe manufacturers as advertisers. When the sales force tried to secure advertising from shoe manufacturers, they were told men’s clothing stores are a small and dying segment of their business. Since Gentlemen’s Magazine goes chiefly to men’s clothing stores, the manufacturers reasoned that it was, therefore, not a good vehicle for their advertising. The editor believes that a survey (via mail questionnaire) of men’s clothing stores in the United States will probably show that these stores are important outlets for men’s shoes and are not declining in importance as shoe outlets. He asks you to develop a proposal for the study and submit it to him. Develop the management-research question hierarchy that will help you to develop a specific proposal. The initial Research: -First we need to address the management’s concern. How to market Gentlemen’s Magazine to shoe manufactures. -How profitable is shoe manufactures? -What types of sales sources does shoe manufactures uses the most? -What percentage of clothing stores provide shoes sales? -What is the percentage of demand of men shoes? -How profitable are sales of shoes? -How profitable are men shoes going to be to Gentlemen’s magazine? -To customers: oHow many times a year do they purchase men’s shoes? oHow many pair of shows do they purchas e when they do purchase their shoes? What type of men shoes are they more likely to purchase? oWhat are the preferred colors? 5. Compute the mean of the following sample values: 16. 25, 12. 91, and 14. 58. 16. 25+12. 91+14. 58=43. 74 43. 74/314. 58 21. What is sampling error? Sampling error is the estimated error caused by the observation of a sample instead of the entire population. Could the value of the sampling error be zero? Only when the sample is the entire population the sampling error can be zero. If it were zero, what would this mean? If the sample error is zero that mean the entire population was the sample. 22. List the reasons for sampling. Give an example of each reason for sampling. Answer: The inability to sample the entire population. Ex: Trying to get the entire population's hair color. 34. Information from the American Institute of Insurance indicates the mean amount of lifeinsurance per household in the United States is $110,000. This distribution follows thenormal distribution with a standard deviation of $40,000. . If we select a random sample of 50 households, what is the standard error of the mean? Answer: Standard error: 40,000/sqrt [50] = 8000/sqrt[2] or about 5656. 85 b. What is the expected shape of the distribution of the sample mean? Answer: The data should to be a normal distribution, therefore the shape would be â€Å"bell-shaped†. c. What is the likelihood of selecting a sample with a mean of at least $112,000? Answer: P(X ; 112,000) = 1 – P(X 100,000) = 1 – P(X