What advertising medium gives a brand the most credibility in influencing brand

Question

What advertising medium gives a brand the most credibility in influencing brand decisions? According to a survey, 37% of Millennials point to TV Complete parts a through (e). To conduct a follow-up study that would provide 95% confidence that the point estimate is correct to within plusminus0.05 of the population proportion, how large a sample size is required? A sample size of 359 people is required. (Round up to the nearest integer.) To conduct a follow-up study that would provide 99% confidence that the point estimate is correct to within plusminus0.05 of the population proportion, how many people need to be sampled? A sample size of people is needed (Round up to the nearest integer.)

Explanation / Answer

(a)

Margin of error, ME = 0.05

For 95% CI,

ME = 1.96*(S/n0.5)

Here,

S = Standard deviation = (p*(1-p)/n)0.5

So,

ME = 1.96*((p*(1-p)/n)0.5/n0.5) = 1.96*((0.37*(1-0.37)0.5/n) = 0.946/n

Putting value of ME, we get:

0.05 = 0.946/n

So,

n = 18.92

So,

Sample size required = 19

(b)

For 99% CI,

ME = 2.58*(S/n0.5)

So,

ME = 2.58*((p*(1-p)/n)0.5/n0.5) = 2.58*((0.37*(1-0.37)0.5/n) = 1.2456/n

Putting value of ME, we get:

0.05 = 1.2456/n

So,

n = 24.912

So,

Sample size required = 25

Hope this helps !

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