Technical Memorandum: van Westendorp Price Sensitivity Meter

The library was my main source of information. I specifically went into detail about each relevant topic and decided what information was needed for this write up. I used the Internet resource for more variability and comparisons of the different types of measurements that could have been used instead of the ones that were

Refer as needed to the material in Chapters 12 and 13 of the textbook. Keep the following tips in mind as you research data, as well as organize, analyze, interpret, and illustrate these data:

The beginning of the raw data into the data filtering and processing systems. For example, if you think the interested in the differences by age, it is probably to start with customers surveys from different age groups.

Based on the given sample of student test scores of 50, 60, 74, 83, 83, 90, 90, 92, and 95 after rearranging them from least to greatest. As the mean is based on the average of sum, the average of this sample is 79.67 or 80. The mode refers to numbers that appear the most in a sequence and in this case 83 and 90 both appear twice. Range calculates the difference between the largest and smallest number, which are 95 and 50 which have a difference of 45. The variance is the difference between the sum of squares divided by the sample size, which is the number in the sample minus one (Hansen & Myers, 2012), meaning it takes each number of the set and subtracts

• Identify tradeoffs between accuracy and precision required by various probability concepts and the effect on your data.

5. For the following set of scores, compute the range, the unbiased and the biased standard deviations, and the variance. Do the exercise by hand.

With the 95% Confidence Interval for Mean, Median, and St Dev are as described above.

of these indices are valid, reliable, and comparable. Some of them are easy to incorporate into

In chapter 7 we discussed how to make inferences about a population parameter based on a sample statistic. While this can be useful, it has severe limitations. In Chapter 8, we expand our toolbox to include Confidence Intervals. Instead of basing our inference on a single value, a point estimate, a Confidence Interval provides a range of values, an interval, which – at a certain level of confidence (90%, 95%, etc.) – contains the true population parameter. Having a range of values to make inferences about the population provides much more room for accuracy than making an inference off of only one value.

3.1 3.1.1 3.2 3.2.1 3.2.2 3.2.3 3.2.3 3.3 3.3.1 In the early research stages of my project I used

The thirty data sets were plotted into a scatterplot and a linear regression analysis was used to show the

2) Which research method was most helpful to you in developing and evaluating the segmentation options?

Finally, we determine and recommend what would have been the best techniques to use, in terms of the selection of samples and choice of the sample size in determining the capability and the capability potential of the equipment and production process.

9. Use Excel to calculate averages for data analysing. Also, use Excel to calculate the standard deviation to show variances in data

Quite often, consumers purchase goods and services based on their perceived need. Upon making the decision that a need is present and a solution is available consumers are more equipped to react to that need. Although previously perceived that consumers will normally accept prices as presented by suppliers that remains to not be the case. Consumers assess and process prices based on past purchases and other psychological process they went through previously such as persuasive marketing strategies, accessibility of the goods or services and possibly information gathered from prior purchasers of a product. There are countless options that are available to consumers. Consumers are then faced with the choice of choosing the product that best fulfills their need at that given point. Consumers who are knowledgeable regarding prices will be aware of the approximated price for products (Zhao, Zhao & Deng, 2015).