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Suppose It Is Desired to Estimate the Average Time a Customer

question 70

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Suppose it is desired to estimate the average time a customer spends in a particular store to within 5 minutes (e.g., + 5 minutes) at 97% reliability. It is estimated that the standard deviation of the times is 15 minutes. How large a sample should be taken to get the desired interval?


Definitions:

Marketing Effort

The combined activities and strategies used by a company to market its products or services and achieve its marketing objectives.

SWOT Analysis

A strategic planning tool that evaluates the Strengths, Weaknesses, Opportunities, and Threats involved in a project or in a business venture.

Luxury Motors

High-end automotive brands or vehicles that offer premium features, design, and performance, targeting a demographic that seeks exclusivity and prestige.

Upscale Auto Dealership

A dealership that specializes in selling luxury or high-end vehicles, often offering premium services and amenities to attract affluent customers.

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