You are in a meeting with the CEO and the executive team.

The Product team is pitching a new product idea. It has lots of cool features and will work smoothly with the company’s current products. They think existing customers will love it. They think it is a great way to increase share of wallet from the customer base. They are asking the CEO for budget to build the product.

The Sales team isn’t so sure. They think there’s no burning reason for an existing customer to buy the new product —they think it is a vitamin, not a painkiller. They think most customers won’t buy. They think it will be a waste of money to build it.

They all look to the CEO but she is not ready to decide. She is very data-savvy. She wants to survey a random sample of existing customers and see what % of them want to buy the new product*.

She turns to you. Can you run the numbers and let me know by end of day how many customers we should survey? I want the margin of error to be plus-minus 3 percentage points.