BUS 308 Statisics for Managers

Business & Finance
Price: $30 USD

Question description

  1. Data Scales

    A marketing agency is interested in the buying habits of those who shop online versus those who shop in person.  In your discussion post, address each of the following and explain your reasoning as to why you picked the specific scale:
    1. A database is created and shoppers are classified as online or in-person shoppers. Such classifications represent data of which scale?  Explain your reasoning.
    2. Online and in-person shoppers are to be compared on their relative incomes. Income data represent data of which scale?  Explain your reasoning.
    3. If shoppers are also ranked from the most to the least frequent shoppers, those rankings represent data of which scale? Explain your reasoning.
    4. Shoppers are asked to complete a customer satisfaction survey. In response to each question on the survey, the shoppers circle one of five answers: strongly agree, agree, neutral, disagree, or strongly disagree. Their responses are data of which scale?  Explain your reasoning.
    5. What measure(s) of central tendency will be most informative for each of the above data?  Justify why each measure is most informative.
    6. What would be more critical for the marketing agency to utilize; descriptive or inferential statistics?  Why?

ProbabilityThe manager of a sandwich shop gathers data on what people spend on lunch on a particular day of the week.  The results are $4.20, $4.22, $2.35, $4.32, $5.25, $6.48, $6.78, $8.59, $6.95, $5.52, $6.83, $7.35, $4.36, $9.39, $6.42. To the degree that this represents the population of all those who eat lunch at sandwich shops, what percentage of customers spend:
    1. less than $4.34?
    2. between $3.50 and $4.80?
    3. less than $2.35?

Imagine that you are the manager of a sandwich shop.  Based on your calculations, what do you think is the best pricing point for your shop? What would you do to increase sales at the sandwich shop?

For additional information on calculating probability refer to the Week One Recommended Resources.

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