Hi, I have a question from my homework. Parts to this question are in Bold.

Question

Your boss also hired MarketWise to conduct a study of how price, price promotions, star sponsorships, and social media presence impact snowboard sales. MarketWise procured 2019 secondary data on 15 popular snowboard brands from around the world and then modeled snowboard sales as a function price, price promotion (price currently discounted = no, yes), star sponsorships (sponsoring a world class snowboarder = no, yes), and social media presence or SMP (a composite of multiple variables, the most important/weighted of which is ad impressions (number of consumer exposures to each brand's online ads)). Based on the results below, and ignoring the obvious and general negative price effects, MarketWise recommends that Aventurier (1) engage in more price promotions (which Aventurier rarely does), and (2) increase its social media presence (currently slightly below market). Below are the multiple regression results and correlations, in which (1) minus signs may be in a gray font (apologies, a Canvas equations default), and (2) a * means a regression coefficient's p is below .05.

a. Please explain to your boss what a p-value means (the probability of . . .) and how/why social-media-presence's p-value supports or refutes MarketWise's recommendation that Aventurier increase its social media presence.

b. Evaluate Marketwise's implicit recommendation that Aventurier not engage in a star sponsorship. Specifically, what are the empirical (study-based) reasons for and/or against Aventurier sponsoring a star snowboarder?

Sales = .06? .27(Price)* + .12(Price-Promotions)* + .06(Star-Adoptions) + .19(SMP)*

* = p

The Minus Sign Price Star May be in Gray Price Promotions Sponsorships .32 Price p