To strategize their marketing approach they need to cater to the demographic tha

Question

To strategize their marketing approach they need to cater to the demographic that currently purchases the most. Creating a product and marketing to 20 somethings may be a waste of resources. They must identify their target age demographic.Please use the following information to answer the last few questions.

Part C: Statistical Procedure

Explain the statistical procedure (NOTE: Focus on ONE statistical procedure only)

Independent variable:

What is the variable: _Age_demogrpic______________________________________

How it is measured, i.e. what units or categories are used (e.g., revenue measured in “dollars”; height measured as “short, average, tall”) _____15-25, 25-45, 45+__________________________

Level of measurement (nominal, ordinal, interval, or ratio):   ____ordinal ____________________________________

Dependent variable:

What is the variable: ___Frequncy of purchase____________________________________

How it is measured, i.e. what units or categories are used (e.g., revenue measured in “dollars”; height measured as “short, average, tall”) _____never , ocasionally , frequently purchased__________________________

Level of measurement (nominal, ordinal, interval, or ratio):   ________ordinal________________________________

Name of the procedure/formula (e.g., ANOVA, Chi-Square, Hypothesis Test using z formula, Regression Analysis, etc.). NOTE: The procedure/ formula must be one that was covered in the course: __________________________________________________________________

Describe the statistical rationale/justification for choosing this procedure/formula: _______________________________________________ __________________________________________________________________

Describe how the data are collected by the business/organization: __________________________________________________________________

Describe how the data are analyzed (i.e., identify the steps in the statistical procedure): ______________________________________________________

__________________________________________________________________

Part D: Decision/Interpretation

Explain the type of business decision that the company/organization would make as a result of this statistical analysis. ________________________________

________________________________________________________________________

Explanation / Answer

Procedure to be used: Regression Analysis

Justification: By using ordinal logit regression, the relationship between age demographic (X) and frequency of purchase (Y) can be determined. To evaluate the regressor (Y), intervals can be assigned to 'never', 'occasional', and 'frequent'. With this data, a relation can be established to the age group (15-25 -> 0; 25-45 -> 1; 45+ ->2).

Data Collection: Collecting data using the mobile technology; Projective techniques; Using online survay tools.

Data Analysis:

Decision: Based on the projected frequency of purchase against the various age groups a decision can be made to target the most frequent age group.

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