Question

In: Statistics and Probability

You will go ahead with your planned marketing campaign to 1 million prospects, if you think...

You will go ahead with your planned marketing campaign to 1 million prospects, if you think you can get a 1% response rate. Past campaigns show that a 1% response rate is about the norm you can expect. You did a test of a special list with 10,000 people and 105 people responded. What do you do? Discuss

Expert Solution

To test the our assumption that 1 % response rate. We can use proportion test as we have given

P₀ = 0.01

Q₀ =1-P₀ = 0.99

x= 105

n=10000

p= x/ n = 1 05/10000= 0.0105

Test of Hypothesis is

H0 : P = 0.01

H1 : P 0.01

Test statistics = (p- P₀ ) / sqrt( P_0*Q₀ /n)

=( 0.0105-0.01) / sqrt(0.01*0.99 / 10000)

= 0 0.5025189

P-value = P( | Z | > 0.5025189 ) = 0.6153026 ----using Normal Probability calculator

Decision : P- value is greater than =0.05 we accept H0 with level of significance =0.05

Conclusion : your planned marketing campaign to 1 million prospects then you may get a 1% response rate .

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orchestra answered 1 year ago

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