Question

Out of 2,700 office workers in a marketing research study, 953 preferred a new printer ink cartridge. The estimated market size is 1,700,000. An office worker uses about 42 ink cartridges each year. What is the annual sales potential rounded to the nearest hundred thousand?

Answer 1

The annual sales potential for the new printer ink cartridges, when preferences from a marketing study are applied to the entire market and multiplied by the annual usage, is approximately 25,200,000 cartridges rounded to the nearest hundred thousand.

Step-by-step explanation:

To calculate the annual sales potential of the new printer ink cartridges based on the given information, we first need to determine the preference ratio from the marketing research study and apply it to the estimated market size. Then, we'll need to multiply by the average annual usage per office worker.

In the study, 953 out of 2700 office workers preferred the new ink cartridge. To find the preference percentage, we divide 953 by 2700 and get approximately 0.353, or 35.3%. Applying this preference ratio to the estimated market size of 1,700,000 office workers, we would get an estimated number of workers who prefer the new cartridge, which is approximately 0.353 × 1,700,000 ≈ 600,100.

Now, if each office worker uses about 42 ink cartridges each year, the annual consumption for the 600,100 workers who prefer the new cartridge would be 42 × 600,100 ≈ 25,204,200 cartridges a year. When rounded to the nearest hundred thousand, the annual sales potential is 25,200,000 cartridges.