A company is wondering whether a consumer?s preferred brand, among its own and competing brands, is related
Question:
A company is wondering whether a consumer?s preferred brand, among its own and competing brands, is related to the age of the consumer. The company conducts a survey of 2000 consumers, asking participants to indicate which brand they prefer and which age group they belong to. The responses to these two questions are summarised using a contingency table.
For each set of respondents in a particular age group, use the information in the table to determine the probability that a consumer prefers Brand A. Do the same for Brands B, C and D. Arrange the probabilities that you have calculated into a suitable table. Write a short report to the company discussing these results and whether you think the preference towards a particular brand is related to a consumer?s age.
Step by Step Answer:
Business Analytics And Statistics
ISBN: 9780730363330
1st Edition
Authors: Ken Black, John Asafu Adjaye, Paul Burke, Nelson Perera, Carl Sherwood, Saleh A. Wasimi