Answered: Consumer Preferences. In 2018, consumer…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

See similar textbooks

Related questions

Question

Consumer Preferences. In 2018, consumer goods giant Procter and Gamble (P&G) had more than 20 brands with more than $1 billion in annual sales (P&G website). How does a company like P&G create so many successful consumer products? P&G effectively invests in research and development to understand what consumers want. One method used to determine consumer preferences is called conjoint analysis. Conjoint analysis allows a company to ascertain the utility that a respondent in the conjoint study places on a design of a given product. The higher the utility, the more valuable a respondent finds the design. Suppose we have conducted a conjoint study and have the following estimated utilities (higher is preferred) for each of three different designs for a new whitening toothpaste. At the .05 level of significance, test for any significant differences.a. Use the Excel data analysis tool to perform the required test.b. What are the null and alternative hypothesis?c. What is the test statistic? What distribution does the test statistic follow?d. State your conclusions.

Utilities
Respondent
Design A
Design B
Design C
1
24.6
34.6
28.6
31.4
31.6
33.7
31.8
20.4
27.6
15.4
26.6
24.9
20.7
18.5
18.0
41.0
34.2
44.6
7
27.1
22.7
27.1
20.2
22.0
27.7
9
31.6
29.6
31.1
10
24.4
29.2
29.1
3.
4.
5.
6.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

$Chi-squared Tests$

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, statistics and related others by exploring similar questions and additional content below.

Similar questions