Chicago based Market Facts - Chicago based Market Facts asked a sample of 1,960 consumers to try a newly developed frozen fish dinner by Morton called Fish Delight. Out of the 1,960 sampled, 1,176 said they would purchase the dinner if it was marketed.
a. What would Market Facts report to Morton Foods regarding acceptance of Fish Delight in the population?
b. Is this an example of descriptive statistics or inferential statistics? Explain. - One definition of statistics is that they are a collection of facts and figures. In business and other fields, statistics is though of as a science. Discuss the difference between the two concepts.
- An actual study of 200 executives revealed that 60 of them had some degree of hypertension due in part to their jobs. What could be inferred about all executives? Why?
- You have been appointed the chief marketing officer for Fun Enterprise, a company that specializes in designing and erecting amusement parks near large cities. F.E. is primarily interested in a location in the Southeast. Once the site has been selected, you must recommend whether the park should be oriented toward people of all ages, just children, or just retired persons. How would you proceed with making recommendations regarding (1) the location choice and (2) the group orientation?
- What is meant by a sample versus a study based on a population?
Descriptive Statistics Slides
- What is meant by frequency distribution?
- A set of data contains 53 observations. The lowest value is $42 and the highest value is $142. The data have to be organized into a frequency distribution. Starting with 40, how many classes would you suggest?
- The first row of a stem-and-leaf chart appears as 62 1 3 3 7 9. Explain.
- A survey of the number of calls received by a sample of Southern Phone Company subscribers last week revealed the following. Develop a stem-and-leaf chart. 52 43 30 38 30 42 12 46 39 37
34 46 32 18 41 8