Explain why Price is More Important than Quality in Consumer Decisions for Buying Coffee
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Instructions
Q5. A Starbucks manager wants to use survey data to test the following hypothesis: “price is more important than quality in consumer decisions for buying coffee” Note that each respondent was asked to evaluate the importance with respect to BOTH factors. What analysis would be appropriate? Q6. A researcher wants to know whether the quality of service (on a scale of 1 to 7) is related to customer satisfaction (on a scale of 1-7). What analysis should be performed? If the result shows that the p value is 0.68, what is the conclusion? Q7. The manager wants to know whether people with higher education are more likely to be “satisfied” customers of AT&T. “Satisfied” customers are defined as those with satisfaction ratings above 4. What analysis should be performed? Q8. The brand manager of a leading brand of cold medications has been asked to increase the unit contribution by increasing the retail price. The manager used correlation analysis to argue that an increase in prices will lead to a decrease in sales. Hence, even if the unit contribution increases, the total profits could decrease when increasing prices. Consequently, he was asked to estimate the extent to which sales would decrease when the retail price is increased by one unit. Model Summary Adjusted Model R R Square R Square .594a .353 .324 a. Predictors: (Constant), Retail Price Std. Error of the Estimate 3.0353 1 Coefficientsa Unstandardized Coefficients B Std. Error 232.610 32.998 -24.841 7.167 Standardized Coefficients Beta Model t 1 (Constant) Retail Price 7.049 -3.466 Sig. .000 .002 -.594 a. Dependent Variable: SALES (1) The dependent variable is (2) The independent variable is (3) The % variation in the dependent variable explained by the independent variable is
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