Description
Descriptive Statistics, Probability, and Risk Assessment
Assignment Overview
You are a consultant who works for the Diligent Consulting Group. In this Case, you are engaged on a consulting basis by Loving Organic Foods. In order to get a better idea of what might have motivated customers’ buying habits you are asked to analyze the ages of the customers who have purchased organic foods over the past 3 months. Past research done by the Diligent Consulting Group has shown that different age groups buy certain products for different reasons. Loving Organic Foods has sent a survey to 200 customers who have previously purchased organic foods, and 124 customers have responded. The survey includes age data of past customers who purchased organic foods in the previous quarter.
Case Assignment
Using Excel, create a frequency distribution (histogram) of the age data that was captured from the survey. You should consider the width of the age categories (e.g., 5 years, 10 years, or other). That is, which age category grouping provides the most useful information? Once you have created this histogram, determine the mean, median, and mode.
After you have reviewed the data, write a report to your boss that briefly describes the results that you obtained. Make a recommendation on how this data might be used for marketing purposes. Be sure to conduct adequate research on organic foods industry, organic market analysis, and healthy food industry using IBISWorld database or other databases such as Business Source Complete (EBSCO) and Business Source Complete - Business Searching Interface in our online library. Provide a brief description on the industry background and the consumer changing attitudes and behavior toward healthy lifestyles. Also identify the customer demographics of organic food industry and explain how the customers of Loving Organic Foods are different from this target market.
Data: Download the Excel-based data file with the age data of the 124 customers: Data chart for BUS520 Module 1 Case. Use these data in Excel to create your histogram.
Assignment Expectations
Excel Analysis
Complete analysis in Excel using the Histogram function. Check the following video on histogram: https://youtu.be/4eLJGG2Ad30
If you are not so familiar with Excel, refer to the following link on Excel training videos: https://support.office.com/en-us/article/Excel-training-9bc05390-e94c-46af-a5b3-d7c22f6990bb?ui=en-US&rs=en-US&ad=US
Check the professional market research reports from IBISWorld database to find the industry analysis for your cumulative Session Long Project.
IBISWorld Overview (n.d.). IBISWorld, Inc., New York, NY.
IBISWorld Forecast (n.d.). IBISWorld, Inc., New York, NY.
IBISWorld Data and Sources (n.d.). IBISWorld, Inc., New York, NY.
IBISWorld Navigation Tips (n.d.). IBISWorld, Inc., New York, NY.
Written Report
- Length requirements: 4–5 pages minimum (not including Cover and Reference pages). NOTE: You must submit 4–5 pages of written discussion and analysis. This means that you should avoid use of tables and charts as “space fillers.”
- Provide a brief introduction to/background of the problem.
- Provide a brief description of organic food industry and target market characteristics such as their demographics, lifestyles and shopping behaviors.
- Provide a written analysis that supports your Histogram age groups (bins).
- Based on your analysis of the histogram data, provide complete and meaningful recommendations as the data relates to Loving Organic Foods’s marketing strategy.
- Write clearly, simply, and logically. Use double-spaced, black Verdana or Times Roman font in 12 pt. type size.
- Have an introduction at the beginning to introduce the topics and use keywords as headings to organize the report.
- Avoid redundancy and general statements such as "All organizations exist to make a profit." Make every sentence count.
- Paraphrase the facts using your own words and ideas, employing quotes sparingly. Quotes, if absolutely necessary, should rarely exceed five words.
- Upload both your written report and Excel file to the case 1 Dropbox.
Here are some guidelines on how to conduct information search and build critical thinking skills.
- Emerald Group Publishing. (n.d.). Searching for Information. Retrieved from http://www.emeraldinsight.com/learning/study_skills/skills/searching.htm
- Emerald Group Publishing. (n.d.). Developing Critical Thinking. Retrieved from http://www.emeraldinsight.com/learning/study_skills/skills/critical_thinking.htm
Explanation & Answer
Attached.
Running Head: SIMPLE EXPONENTIAL SMOOTHING
Simple exponential smoothing (SES)
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SIMPLE EXPONENTIAL SMOOTHING
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Introduction
Exponential smoothing is among the promptly utilized class of techniques for smoothing
a discrete time arrangement with the end goal of gauging the future state. Its tendency depends
on effortlessness, simplicity of altering its responsiveness to change in the process being
estimate, computational productivity, and its sensible precision. To smooth the first arrangement
is normally the fundamental thought of the model such that it estimates the future estimations of
the variable intrigue. Later estimations of the arrangement are permitted to have real impact on
the figure of future esteems when contrasted with the more inaccessible perceptions (Ostertagová
& Ostertag, 2011). In Exponential smoothing, the way to deal with estimating in this model is
normally basic and down to business developing the conjecture from an exponentially weighted
normal of past perceptions. It includes vast and less weights with the bigger one being given to
introduce perception and less weight to the instantly going before perception.
Simple exponential smoothing is the least difficult among the exponential smoothing
strategies which is most appropriate in anticipating information that has no example or pattern.
At the point when the example of the information is even that is the point at which the model is
connected particularly when there is neither articulated pattern nor cyclic variety in the first
information. The technique contrasts the earlier estimate esteems...
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