DIRECTION:
You will work on a more extensive consultative project for Princess Foods Corporation. They will be piloting a new service called Princess Select 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. Mieke needs to gauge their interest in this new service and decide whether to market it nationally. You will conduct the research for Mieke and submit an analysis of whether or not this is a good service to market nationally.
1. Read the illustrated case
2. Complete calculations and write the memos.
3. A template of the memo also attached
4. You should include the raw data and a clear interpretation of the data that justifies your findings.
In your memo, you should include the raw data and a clear interpretation of the data that justifies your findings. Use the raw data below to write your memo. Since you only have sample data, you decide to determine confidence intervals.
Of the 50 potential consumers surveyed, 34 expressed an interest in purchasing it. The maximum price each would be willing to pay is shown in the table below.
Using the data, answer the following questions:
1. How would you reply to the Mieke's request for information?
2. Should the service be marketed?
3. How large should the sample be if you want to maintain a 95% level of confidence and suffer a maximum error of $2.00 in your estimate of the highest price consumers are willing to pay?
Maximum Prices
47 62 46
43 53 34
54 45 35
65 36 32
54 45 31
34 36 25
38 37 56
35 43 65
43 48 54
37 46 65
54 42 47
63
Remember to write your memo in a concise but yet informative manner. Keep in mind that the memo will be read by a very busy manager who needs to see your recommendation up front and then be able to view details as needed. The example attached is from a management science exercise.
Attachment:- Assignment.rar