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MindTap Business Statistics for Ragsdale's Spreadsheet Modeling & Decision Analysis, 8th Edition, [Instant Access], 2 terms (12 months)
8th Edition
ISBN: 9781337274876
Author: Cliff Ragsdale
Publisher: Cengage Learning US
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A cosmetic manufacturer wants to understand why users shop online versus in store, and how they might take better advantage of the online channel; the manufacturer wants to make improvements to the company’s website. The manufacturer also wants to find out why Nordstrom.com (a competitor’s website) appeals to cosmetic consumers versus other websites. The cosmetic manufacturer also wants to find ways to improve consumers’ in-store experience. Further, the manufacturer wants to produce a three (3) month sales forecast based on the data produced from the research.
Objectives:
Why users shop online versus in store
How to take advantage of the online channel
How to improve the company’s website
Why does Nordstrom.com (their competitor) appeal to cosmetic consumers versus other websites.
Ways to improve consumers’ in-store experience
Requireed: Produce fictitious findings, chart and dat analysis that relate back to the objectives.
Assume that Young Corporation is introducing a new heartburn relief medication as an over the counter treatment. Young's marketing team used data to determine how to meet the minimum sales goals. The team determined that switching to an online marketing plan would be the best to maximize sales. This is an example of using
Question 8 options:
a)
descriptive analytics
b)
diagnostic analytics
c)
predictive analytics
d)
prescriptive analytics
MovieFlix - Advertising and
Subscriptions
Year
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Advertising Expenditure
$ 000
51
58
62
65
68 75 77 78 78 84 85
76
Membership Subscriptions
(1) Plot the scattergraph for the data.
62
68
66
66
欲 72 73 72 78 73 75
67
76
(ii) Use the data, to develop a regression equation relating advertisi. expenditure to membership.
(iii) Estimate the membership if $40 000 is spent on advertising.
(iv) How much must be spent on advertising to obtain a membership of 80 (000)?
(v) What is the nature of the relationship between advertising expenditure and membership?
(vi) Forecast 2024 membership using an alternative method, clearly explaining the limitations of your selected
method.
(vii) What are the limitations of the method used in (iii)?
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- Stock market analysts are continually looking for reliable predictors of stock prices. Consider the problem of modeling the price per share of electric utility stocks (Y). Two variables thought to influence this stock price are return on average equity (X1) and annual dividend rate (X2). The stock price, returns on equity, and dividend rates on a randomly selected day for 16 electric utility stocks are provided in the file P13_15.xlsx. Estimate a multiple regression equation using the given data. Interpret each of the estimated regression coefficients. Also, interpret the standard error of estimate and the R-square value for these data.arrow_forwardThe number of sales invoice checked is an example of? 1.qualitative data 2.continuous data 3.discrete data 4.temporal dataarrow_forwardTip Top Toys is a relatively small division of Worldwide Enterprises. Worldwide has nine other divisions, which include insurance, health-care products, and financial planning services, to name a few. The corporate marketing director for Worldwide has requested Tip Top’s customer shopping data to target people who might be likely to purchase items or services from other Worldwide divisions. The database manager is not totally comfortable with this and pointed out Tip Top’s web privacy policy, which states “Tip Top Toys, a division of Worldwide Enterprises, will not share personal data with other companies without a customer’s consent.” The marketing director replied that the statement only applies to outside companies— not other Worldwide divisions. He said he checked with the corporate legal department, and they agreed. The database manager replied, “Even if it is legally OK, it’s not the right thing to do. Many people take our statement to mean that their data does not leave Tip Top.…arrow_forward
- Tip Top Toys is a relatively small division of Worldwide Enterprises. Worldwide has nine other divisions, which include insurance, health-care products, and financial planning services, to name a few. The corporate marketing director for Worldwide has requested Tip Top’s customer shopping data to target people who might be likely to purchase items or services from other Worldwide divisions. The database manager is not totally comfortable with this and pointed out Tip Top’s web privacy policy, which states “Tip Top Toys, a division of Worldwide Enterprises, will not share personal data with other companies without a customer’s consent.” The marketing director replied that the statement only applies to outside companies— not other Worldwide divisions. He said he checked with the corporate legal department, and they agreed. The database manager replied, “Even if it is legally OK, it’s not the right thing to do. Many people take our statement to mean that their data does not leave Tip Top.…arrow_forwardÉ Salespersons use the direct comparison approach to estimate the value of a property. Whlch of the following is a disadvantage when estimating value using this approach? O select one answer. It is generally accepted by the courts and the public. It avoids various problems associated with estimating and forecasting, such as depreciation. Consumers generally understand and use it. Data is historical in nature.arrow_forwardMovieFlix - Advertising and Subscriptions Year Advertising Expenditure $ 000 Membership Subscriptions 2013 51 62 2014 58 68 2015 62 66 2016 65 66 2017 68 67 2018 76 72 2019 77 73 2020 78 72 2021 78 78 2022 84 73 2023 85 76 (i) Plot the scattergraph for the data. (ii) Use the data, to develop a regression equation relating advertising expenditure to membership. (iii) Estimate the membership if $40 000 is spent on advertising. (iv) How much must be spent on advertising to obtain a membership of 80 (000)? (iv) What is the nature of the relationship between advertising expenditure and membership? (v) Forecast 2024 membership using an alternative method, clearly explaining…arrow_forward
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