A marketing manager wants to conduct a survey to estimate the proportion of customers who are likely to repurchase a product. The manager wants a 90% confidence level. The population size of customers who have purchased the product in the past is estimated to be 2000. Using Slovin's formula, determine the required sample size for this survey.10 pointsYour answer
Question
A marketing manager wants to conduct a survey to estimate the proportion of customers who are likely to repurchase a product. The manager wants a 90% confidence level. The population size of customers who have purchased the product in the past is estimated to be 2000. Using Slovin's formula, determine the required sample size for this survey.10 pointsYour answer
Solution
To calculate the sample size using Slovin's formula, we need to follow these steps:
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Identify the desired confidence level. In this case, it is 90%. This means the margin of error (e) is 10% or 0.10 (since 100% - 90% = 10%).
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Identify the population size (N). In this case, it is 2000.
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Apply Slovin's formula, which is N / (1 + Ne^2).
Substituting the given values into the formula, we get:
Sample size = 2000 / (1 + 2000*(0.10)^2)
Solving this equation will give us the required sample size for the survey.
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