Question
We estimated a marketing mix model to predict Quantity (Sales) and observed the following results: Estimate Std. Error t value Pr(>|t|) (Intercept) 4.98989 1.72015 2.901
We estimated a marketing mix model to predict Quantity (Sales) and observed the following results:
Estimate | Std. Error | t value | Pr(>|t|) | |
(Intercept) | 4.98989 | 1.72015 | 2.901 | 0.00402 ** |
lln_quantity (Lag Quantity) | 0.47912 | 0.03969 | 12.071 | < 2e-16 *** |
ln_price (Log Price) | -0.63935 | 0.25147 | -2.543 | 0.01155 * |
ln_digital (Log Digital Spend) | 0.11872 | 0.04601 | 2.58 | 0.01038 * |
ln_print (Log Print Spend) | 0.08621 | 0.02151 | 4.008 | 7.89e-05 *** |
ln_tv (Log TV Spend) | -0.01861 | 0.03833 | -0.486 | 0.62761 |
factor(weekdays)Monday | -0.0588 | 0.08046 | -0.731 | 0.46553 |
factor(weekdays)Saturday | 0.07294 | 0.07891 | 0.924 | 0.3561 |
factor(weekdays)Sunday | -0.08334 | 0.07877 | -1.058 | 0.29101 |
factor(weekdays)Thursday | -0.13113 | 0.07836 | -1.673 | 0.09539 . |
factor(weekdays)Tuesday | -0.04881 | 0.0768 | -0.636 | 0.52557 |
factor(weekdays)Wednesday | -0.09761 | 0.08087 | -1.207 | 0.22848 |
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Signif. codes: '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1
Based on this results table, examine the following statement: We are likely to sell the same quantity irrespective of the day of the week (with significance criteria set at 10% level and not including Friday)
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