Consider the following contingency table for family living arrangements and answ

Question

Consider the following contingency table for family living arrangements and answer the following questions Under 24 years 24-30 years 30-36years 36-S0 years 51-$9 yeers CO-64 years 6-74 yeers 75t years Rent 21% 1. What percentage ofindividuals that own or are buying a home are 65 years or older? Write your answer here. How would you use this table in a marketing plan? Write your answer here ]l 2. ed on your research on categorical data, explain how a further breakdown ofthe categories Own/Buying" and Rent mightimprove a marketing plan. A question that might helpin forming your answer would be, "ls $250,000 homeversus a $5,000 home? 3. Bas there a difference between marketing to an individual who bought a Write your answer here.l 4. Explain how the categorization of Rent" by age group could be used in the marketing of a large apartment complex Write your answer here,]

Explanation / Answer

Answer :

1. 10+8 = 18%

2. The following table helps in identifying whether a particular age group people would live in rented home or buy there own home. This would help the marketing team to plan better, they spend there resources in the right direction only. For example, under 24 years no person is having his/her own house thus promoting or marketing the flats or houses for purchase between this age group is a complete wastage if resources, better is to market rented houses for them.

3. The categories can be further breakdown based upon the income level of the persons , we can define multiple sub categories like income < $5000, $5000< income <$10000, $10000< income < $ 20000, income > $ 20000, etc.

4. The large apartments contain multiple options like 1 bhk, 2bhk, 3bhk, etc. So by categorization of the rent on the basis of age-group, they provide the apartments at lower rent to the group which has maximum percentage of people living in rented apartments. This would increase there customers they can also market the apartments at right place among the correct group of peoples also.

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