Statistics for Decision Making - Business Report
General report on Australian fashion industry
An Australian manufacturing company which is a market leader in the fashion sector in the Australasian market with operating headquarters in Sydney is keen to develop new product lines, so that company can expand its market share in the Australian market. Research and Development (R&D) department of the company has prepared a proposal to work on a new clothing line.
Assume you work as an Analyst for this company and you have been asked to study the Australian fashion market. You have been requested to study the characteristics of currently available clothing products so the company will be in a better position to price its proposed new line. You have collected data for 120 products on the market. The data is on an excel file named "FASHION".In this case study, data is given for three competing popular clothing brands. The data collected are recorded in the file Fashion.xls as follows:
Price Unit price of the product
Brand Brand: 1 for Calvin Klein, 2 for Zara, 3 Tommy Hilfiger and 4 for Ralph Lauren.
Style Style: 1 for Business, 2 for Sport Clothes and 3 for Casual
Gender Gender target: 1 for woman; 2 for man
Assignment Tasks:
1. Visually present data for the unit price of the product from different brands. Calculate descriptive statistics for the prices of different brands. Comments on the location, shape and variability of those distributions.
2. Visually present data for the unit price of the product for different styles. Calculate descriptive statistics for the unit prices of the three styles among the brands. Comments on the location, shape and variability of those distributions.
3. Visually present data for the unit prices of Zara products stores for the three different styles. Calculate descriptive statistics for the unit prices of Zara products stores for the three different styles. Comments on the location, shape and variability of those distributions.
4. A common belief is that there is a difference in product prices between women's and men's clothing lines. How do you test that there is a significant difference of average prices across these two gender targets? Use appropriate inferential statistical techniques.
5. Using the data collected, how do you test the claim that there is no significant difference of the average product price of the different brands? What do you find from your analysis? Use appropriate inferential statistical techniques.
6. It is commonly believed that there is a difference in product prices between Business, Sport and Casual clothes, due to differences in fabrics, manufacturing techniques and targeted customers. How do you test that there is a significant difference of average prices across the three styles? Use appropriate inferential statistical techniques.
7. Zara claims to keep similar prices for business, sport and casual clothes. How do you test whether there is significant difference between average prices of ZARA'sclothes of different styles? Use appropriate inferential statistical techniques.
Attachment:- FASHION Data.xlsx