Assignment Research Methods Analysis

Assignment 2- Research methods
Please prepare an answer for the following scenario. You need to answer all
three sections. Your answer should fit in the boxes provided.
Q. You are working for an insurance company. In the last financial year, you
had 110,000 customers but the number of your customers has dropped about
9% this year to 100,000. Given the acute situation, you want to understand the
reasons for this and want to investigate whether you are losing more customers
in a certain segment of the market and what might be the reasons for that.
Please answer the following questions:
Section A. Assuming that you want to implement a survey design, describe
the sampling strategy that you will use and explain how you plan to conduct
the study (describe research population, sampling frame, sampling strategy
and execution plan in detail) 40 points
Section B. To incentivise participation in the survey you are offering
participants a 10% reduction for their next annual subscription. What is the
minimum number of people that you need to contact, to give you the required
sample size to be able to make a claim about your customer base with 95%
confidence level and accept a 5% margin of error? Explain the basis of your
decision and the assumptions you made (20 points)
The survey has been conducted on the customers in an insurance company. The
sampling strategy is to collect and investigate about the reasons of dropping the
company. The population of the survey is all the customers of this company. Then
divide the whole population in to two groups or strata. These are continuing
customer and dropping customer. Each of these group a sample of observations
has been selected with the help of simple random sampling lottery method. The
sampling frame is all the customers in the insurance company.
The sample size is the most important factor to calculate the confidence interval
and margin of error. When the size of the sample increases then the margin of
error decreases. To provide small margin of error the sample of size should be
large. The minimum sample size is 30. To calculate confidence interval and
margin of error the mean and standard deviation on customer satisfaction has
been required. The assumptions are sample should be large, randomisation that
is the sample should be randomly selected, sample observations should be
independent.