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A ranodm sample of 36 products, from thousands available ,was priced at six food stores in Macomb, illliois area in 1980. The price are attached. If a mane brand existed for product, the same name brand was priced at all the six stores, if possible. In addition, if store had an equivalent house brand, its price was as well recorded. You will note as you look at the data, the some data is missing and also that in some cases, the house brand costs more than the name brand

Each member of your team is to suppose that they're employed at one of the six stores. Each team member is then to determine if his or her store is significantly lower or higher in cost than other five stores listed. Each team member will choose their own unique market basket of items by randomly picking 25 of the 6 items on which to base a decision. For each of the items chosen. Each person must randomly decide if they will include the name or house brand of that item in there market basket.

Knowledge of your company relative position compared to other companies whould be quite useful in advertising. If you turn out to be significantly lower you could employ this fact in you ads. If you turn out to be same as the other companies you may wish to empahsize service, quality or brand selection in your advertising, If you turn out to be significantly higher, Im not sure you could spin the result but perhaps such the result would lead to deeper problems about the management of company.

You should work with entire alspha level of 0.5.

Statistics and Probability, Statistics

  • Category:- Statistics and Probability
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