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Yanka [14]
4 years ago
13

You work in the marketing research department of Burger King. Burger King has developed a new cooking process that makes the ham

burgers taste better. However, before the new hamburger is introduced in the market, taste tests will be conducted. How should the sample size for these taste tests be determined? What approach would you recommend? Justify your recommendations to a group of students representing Burger King management
Business
1 answer:
Bogdan [553]4 years ago
8 0

Answer with its Explanation:

The first step is to diversify the sample size so that our sample includes every person from different cultures, geographic, religions, genders, etc., which would help in better assessment of the product's future in the market.

Second step is to set a sample size for receiving the feedback of the customers at required confidence interval that is Burger King's goal to achieve. For example, Burger King desires to achieve 93% customer satisfaction and the error rate would determined by using the confidence interval. This sample size would be calculated using the practical approach.

Third step is to ensuring that the errors in prediction are reasonably low by practical approach, confidence interval approach and diversified test samples. All this will help the company to ensure that they have accurate results in hand for decision making.

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4 0
3 years ago
Read 2 more answers
(a)  Bank of Marienfield started its first day of operations with $150 million in capital. It received a total of $100 million i
Juliette [100K]

Here, we are going to prepare the balance sheet of Bank of Marienfield using the information given in the question..

  • Formula for Total liabilities is <em>Capital + Checkable deposit + Loan from bank</em>

<u>Given Information</u>

Capital = $150 Million

Checkable deposit = $100 Million

Loan from bank= $50 Million

Total liabilities = $150 Million + $100 Million + $50 Million

Total liabilities = $300 Million

<u>Additional given Information</u>

Commercial loan = $150 Million

Investment in shares = $120 Million

Investment in Treasury bonds = $20 Million

Required reserve = Checkable deposit * Required reserve rate

Required reserve = $100 Million * 10%

Required reserve = $10 Million

Excess reserve = Total liabilities - (Commercial loan + Investment in shares + Investment in Treasury bonds + Required reserve)

Excess reserve = $300 Million - ($150 Million + $120 Million + $20 Million + $10 Million)

Excess reserve = $300 Million - $300 Million

Excess reserve = $0 Million

                                  Balance sheet of Bank of Marienfield.

Assets                           Amount        Liability                        Amount

Required reserves       $10 million     Bank capital              $150 million

Excess Reserve            $0                  Checkable deposit  $100 million

Commercial loan          $150 million   Loan from bank        $50 million

Investment in shares    $120 million

Invest. Treasury bond  <u>$20 million </u>                                      <u>                       </u>

Total                              <u>$300 million</u>  Total                          <u>$300 million</u>  

3 0
3 years ago
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adoni [48]

Answer:

Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company.

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6 0
3 years ago
Which of the following is not relevant when deciding whether or not to discontinue a product​ line?
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Answer:

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Explanation:

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