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You are a brand manager and have been running general TV spots to market your product. Now, you are considering running a series of spots that specifically targets wealthy consumers. The spots will cost $2K out of your $100K advertising budget. You estimate the market potential for wealthy consumers to be $250K. You hire a marketing research firm to conduct a survey that will help you determine if wealthy consumers will respond more favorably to the spots targeted towards them than the general spots. The researcher suggests you "use an alpha level = .05."
Explain in managerial terms what is meant by "use an alpha level = .05." Do you agree with her suggestion? If so, explain why. If not, explain why and indicate the alpha level you would use instead.
After conducting the research, the researcher reports that wealthy consumers did in fact respond more favorably to the spots targeted towards them than the general spots (p = .12). Explain in managerial terms what is meant by p = .12. Given your answer to question 1a, what managerial action would you undertake?
A food snack manufacaturer samples 11 bags of pretzels off the assembly line and weighs their contents. If the sample mean is 15.2 oz. and the sample standard deviation is 0.40 oz., find the 95% confidence interval of the true mean.
USA Today reported on preferred types of office communication by different age groups. Suppose the results were based on a survey of 500 respondents in each age group.
Elephant came up twice as often as any other animal but that all the other animals came up equally often. Assuming there results were true, the probability of tossingan elephant is?
Temperature is used to measure the output of a production process. When the process is in control , the mean of the process is 128.5 and the standard deviation is 0.4
In a survey about soft drinks it was found that 5% of the respondents like diet soft drinks. 12% of them liked the brand Coke. Of all the Diet soda drinkers 40% liked Coke.
North Carolina State University looked at the factors that affect the success of students in a required chemical engineering course. Students must get a C or better in the course in order to continue as chemical engineering majors.
A local group claims that the police issue more than 60 speeding tickets a day in their area.
What signified to you on all of the problems that required a binomial distribution that you were to use a binomial distribution? Which problems required a binomial distribution?
Judging from recent experience, 5 percent of the computer keyboards produced by an automatic, high-speed machine are defective
A game involving a pair of dice pays out $4 with probability 16/36, costs you $2 with probability 14/36, and costs you $6 with probability 6/36.
Compute the mean, median and mode measures of central tendency for the number of years of work experience. Which measure does the best job of describing central tendency for this variable?
At the 5% level of significance, test whether the proportion of internet users paying bills online is now more than 50%.
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