Mathematics, 04.05.2021 15:20 greyxxamber
In marketing, response modeling is a method for identifying customers most likely to respond to an advertisement. Suppose that in past campaigns 23.8% of customers identified as likely respondents did not respond to a nationwide direct marketing campaign. After making improvements to their model, a team of marketing analysts hoped that the proportion of customers identified as likely respondents who did not respond to a new campaign would decrease. The analysts selected a random sample of 1500 customers and found that 315 did not respond to the marketing campaign.
The marketing analysts want to use a one-sample z-test to see if the proportion of customers who did not respond to the advertising campaign, p, has decreased since they updated their model. They decide to use a significance level of α= 0.01.
Required:
a. Determine the value of the z-statistic. Give your answer precise to at least two decimal places.
b. Determine the p-value for this test. Give your answer precise to at least three decimal places.
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In marketing, response modeling is a method for identifying customers most likely to respond to an a...
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