The Marketing Research Department of a Company Was Asked to Respond

question 85

Essay

The marketing research department of a company was asked to respond to the CEO's question about the average age of consumers of the company's most profitable product.From survey data gathered two years ago,the researchers found the following table.Calculate the average age to give to the CEO.
$\begin{array} { | c | r | } \hline \text { Midpt of Age Class } & \text { N } \\\hline 17.5 & \\\hline 23.5 & 65 \\\hline 29.5 & 100 \\\hline 35.5 & 220 \\\hline 41.5 & 250 \\\hline 52.5 & 120 \\\hline\end{array}$

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Definitions:

Stockouts

A situation in inventory management when the demand or requirement for an item cannot be fulfilled from the current inventory or stock.

Periodic Systems

An inventory system where inventory counts and cost of goods sold calculations are conducted at specific intervals, such as monthly or yearly.

Inventory Shrinkage

The loss of products between acquisition and sale, often due to theft, damage, or errors in inventory management.

Perpetual Inventory System

A bookkeeping approach that documents inventory movements as they occur, ensuring the inventory balance is always current.