|
| |
|
|
Jim McShane
Posts: 48
Joined: 8/13/2002
Status: offline
 |
stats and marketing question - 10/24/2003 12:36:46
hi i know this really doens't belong here but i figured i would take a shot and see if anyone here has any stats background.
anyway we have a new product that we are trying to test market .. we have come up with 7 potential markets... and are getting ready to try and do test marketing (either through mailing, phone or e-mail) .. in each of these markets there are about 17, 000 potential customers in the US ...
My question is how do i determine the required sample size (amt of people to call or send info) to determine within 95% confidence that this is representative of the whole 17, 000 population? we have predetermined that we would consider a response(purchase) of 3% of the total population a good market to persue.
For example:
Test Market A
Population size (U.S. ) = 17, 023
parameter of interest = 3% of total population to place an order
Sample size = ???
So overall how many people do we have to market to ... to be 95% confident that at least 3% of total popultation would place an order???
i hope someone here know a little about statistics :)
i had a little in college and can't remember it for the life of me..
thanks!!!
-jim
|
|
|
|
Eli
Posts: 2659
From: ... er ...
Status: offline
|
RE: stats and marketing question - 10/24/2003 12:47:38
hi Jim
I guess it really depends on your sample audience - are they people that you are already in contact with, volunteer researchers, paid researchers, cold calls. This will make a huge difference.
As a marketing consultatnt I haven't had a great deal of expereience with product market research but I'd expect you'd need to look at about 15% of your 3% target.
_____________________________
Programming today is a race between software engineers striving to build bigger and better idiot-proof programs, and the Universe trying to produce bigger and better idiots. So far, the Universe is winning
| |
|
|
|
Jim McShane
Posts: 48
Joined: 8/13/2002
Status: offline
|
RE: stats and marketing question - 10/24/2003 13:08:11
micah, thank for the quick response..
this is a new product so we really dont have any contact as of yet with our target market.. except for an expo we recently attended... from that we determined potental markets for this product... and based on SIC codes of these companies ... we found about 7 SIC markets which could be potential customers... on average there are about 17, 000 to 20,000 potental customers in each of the 7 markets ... so i guess what im asking is what is the best way to find out if a market is a good fit with spending the least amount of money on mailings and direct phone contact.
because of the overall size of these markets .. should we target a city and mail to all in that city, or state, .. and overall .. how much is a good representation of the total market...
thanks for the help :)
-jim
| |
|
|
|
Eli
Posts: 2659
From: ... er ...
Status: offline
|
RE: stats and marketing question - 10/24/2003 15:34:49
Some more questions:
1) is the product for business or personal?
2) is it an "everyday" item or a once only purchase?
3) Is it gender or age specific?
_____________________________
Programming today is a race between software engineers striving to build bigger and better idiot-proof programs, and the Universe trying to produce bigger and better idiots. So far, the Universe is winning
| |
|
|
|
Jim McShane
Posts: 48
Joined: 8/13/2002
Status: offline
|
RE: stats and marketing question - 10/24/2003 16:09:58
1. for now we are marketing to business ... actually the home health care/hospitals/ ect... each of the seven are related to this.
2. this item would be a once only purchase... but could be purchased in volume depending on the organizations needs. were figuring the product has a useful life of about 5 - 10 years.
3. demographics are not really gender or age specific since we are marketing to business instead of ind. consumer ... but if you take in consideration that home health care is mostly dominated by females.. then maybe...
i really appreciate this ... micah!!
-jim
< Message edited by Jim McShane -- 10/24/2003 4:26:41 PM >
| |
|
 New Messages |
 No New Messages |
 Hot Topic w/ New Messages |
 Hot Topic w/o New Messages |
 Locked w/ New Messages |
 Locked w/o New Messages |
|
Post New Thread
Reply to Message
Post New Poll
Submit Vote
Delete My Own Post
Delete My Own Thread
Rate Posts
|
|
|
Printable Version 
