A retailer believes that its new advertising strategy will increase sales. Previously, the mean spending in 15 categories of consumer items in both the 18–34 and 35+ age groups was $70.00. a) Formulate a hypothesis test to determine if the mean spending in these categories has statistically increased. b) After the new advertising campaign was launched, a marketing study found that the mean spending for 300 respondents in the 18–34 age group was $75.86, with a standard deviation of $50.90. Is there sufficient evidence to conclude that the advertising strategy significantly increased sales in this age group? c)The marketing study also determined that for 700 respondents in the 35+ age group, the mean and standard deviation were $68.53 and $45.29, respectively. Is there sufficient evidence to conclude that the advertising strategy significantly increased sales in this age group?
A retailer believes that its new advertising strategy will increase sales. Previously, the mean spending in 15 categories of consumer items in both the 18–34 and 35+ age groups was $70.00.
a) Formulate a hypothesis test to determine if the mean spending in these categories has statistically increased.
b) After the new advertising campaign was launched, a marketing study found that the mean spending for 300 respondents in the 18–34 age group was $75.86, with a standard deviation of $50.90. Is there sufficient evidence to conclude that the advertising strategy significantly increased sales in this age group?
c)The marketing study also determined that for 700 respondents in the 35+ age group, the mean and standard deviation were $68.53 and $45.29, respectively. Is there sufficient evidence to conclude that the advertising strategy significantly increased sales in this age group?
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