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Study: Does demand drive sales for Toyota brand cars? Question to be answered: Based on the study, explain how you could use multiple regression, hypothesis
Study: Does demand drive sales for Toyota brand cars? Question to be answered: Based on the study, explain how you could use multiple regression, hypothesis testing and confidence intervals of regression slopes, correlations, predicted values and regression coefficients for your study, or if some of these statistical techniques would not be appropriate to apply to your study, explain why not in detail. Be sure to define the dependent and independent variables for the multiple regression analysis and describe how multiple regression would add value to your study. Also discuss how the results of the tests would support the managerial decisions that will be based on your study results. Data to be analyzed: The statement in my case could be that 10.7 million Toyota brand cars were bought in 2019. Just 336,978 cars are Camry brand cars, the most sold Toyota cars. Is demand for Camrys driving sales for Toyota? In 2019, Toyota sold around 10.7 million cars, being 336,978 a Toyota Camry (Smith, 2020). This is an important fact since it seems that the Camry brand cars demand are driving sales for Toyota. This means 3.14% of sales are coming from the Toyota Camry. Since I would like to know if demand drives sales for Toyota brand cars, I will only be needing the amount of the most sold brand car (336,978 cars) and not the whole amount of sold cars by the company (10.7 million cars). Knowing that 336,978 Camry brand cars we understand that the population size for the most demanded brand car of the company is this one. Furthermore, if the confidence level is desired to be on 99%, the desired margin of error is at least 1%, and standard deviation is .5 then the ideal sample size for the survey is 16,589 recipients.
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