Question: Your company is planning to market a new reading lamp

Your company is planning to market a new reading lamp and has segmented the market into three groups—avid readers, regular readers, and occasional readers—and currently assumes that 25% of avid readers, 15% of regular readers, and 10% of occasional readers will want to buy the new product. As part of a marketing survey, 400 individuals will be randomly selected from the population of regular readers. Using the current assumptions, find the mean and standard deviation of the percentage among those surveyed who will want to buy the new product.

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  • CreatedNovember 11, 2015
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