# Business Statistics Homework Help Essay Example

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• Pages: 3 (721 words)
• Published: August 12, 2018
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### Summary of the Data Set

How much they would pay for the variable? Below are given graphical and numerical summaries that describe the variable. It is important for them to pay 3.14 because it is a value that represents the entire variables. This price is most appropriate because it is not very high or it is very low to allow the company makes a profit (Oakshott, 2001). It is appropriate for the customers not to pay a value more than Q2 but above Q3 because paying above Q3 would not attract customers but make them switch to competitors.

 Frequency Table Value Frequency e="width: 77,2000pt; padding: 3,0000pt 3,0000pt 3,0000pt 3,0000pt; border-left: none; ;mso-border-left-alt: none; ;border-right: 1,0000pt outset windowtext; mso-border-right-alt: 0,7500pt outset windowtext; border-top: 1,0000pt outset windowtext; mso-border-top-alt: 0,7500pt outset windowtext; border-bottom: 1,0000pt outset windowtext; mso-border-bottom-alt: 0,7500pt outset windowtext;" valign="center" width="102">Frequency % 3 19 Join StudyHippo to see entire essay 3,0000pt; border-left: none; ;mso-border-left-alt: none; ;border-right: 1,0000pt outset windowtext; mso-border-right-alt: 0,7500pt outset windowtext; border-top: none; ;mso-border-top-alt: 0,7500pt outset windowtext; border-bottom: 1,0000pt outset windowtext; mso-border-bottom-alt: 0,7500pt outset windowtext;" valign="center" width="102">27.14 3.1 20 28.57 3.2 15 21.43 windowtext; border-bottom: 1,0000pt outset windowtext; mso-border-bottom-alt: 0,7500pt outset windowtext;" valign="center" width="178">3.3 16 22.86

Use the filter to exclude the people that do not like the product and find appropriate numerical summaries for the following variable version they prefer.

 Row Labels Count of which version is the best? neither 7 version 1 27 version 2 36 Grand Total 70
 Row Labels Count of which version is the best? valign="bottom" width="108">Percentages neither 7 10% version 1 27 39% version 2 36 51% Grand Total 70 100%

10% of the respondents had no choice on the version that they most prefer while 39% of the respondents consider version 1 as the most preferable while 51% believe that version 2 is most preferable. This is because most respondents selected version 2. It, therefore, means that most respondents prefer it according to my analysis.

According to this analysis, 32% of the male respondents hate the products while 68% like the product. The result also showed that 28% of the females hate the products while 72% like these products. This is shown in the table below.

 The proportion of people that like the product Column Labels Row Labels like hate border-top: none; background: #deebf6; height: 56px; text-align: center;" valign="bottom" width="116">Grand Total male 68.00% 32.00% 100.00% female 72.00% 28.00% 100.00% Grand Total 70.00% 30.00% 100.00%

It is also clearly indicated in the table below that 34 of the male respondents like the products as compared to 36 of their female counterparts. It, therefore, means that these products are most liked by females than males (Saunders and Thornhill, 2002). In addition, it is also highlighted that 16 of the male respondents hate these products while only 14 of the females hate the products. It also, therefore, shows that more male customers do not like to use this product as compared to female customers.

 Count of people that like product Column Labels Row Labels background: #deebf6; text-align: center; height: 56px;" valign="bottom" width="138">like hate Grand Total male 34 16 50 female 36 14 50 Grand Total 70 30 100

### Conclusion and Recommendation

According to the table above, it is vital for the customers of this company not to pay 3.2 but not less than 0.5. They must ensure that they pay 2.318. This is to ensure that the company neither overcharges its customers nor underpay themselves (Swift and Piff, 2005). This will help it attract customers and also enable the company to make a reasonable profit. This can also be represented graphically as shown below:

From the result of this analysis, it is determined that this product is mostly preferred by females than male customers. It is also denoted that only 30% of the respondents hate this product while70% of the respondents have a positive attitude towards it. This shows that this product is liked by most people and therefore it is important for the business to explore other initiatives such as product

differentiation, cost leadership, and product development in order to improve customer share.

From this analysis, we also observed that most people prefer version 2 than version 2 of this product. It is therefore important when this company improves the quality of version 1 and also reduces its price by exploring current technology to make it cost-effective. This will attract new customers and develop customer loyalty to existing customers.  Finally, this company can only increase its market share by considering male gender than female. This will increase the number of make customers that use this product. It should also consider elderly people who have a low taste in snacks. The company should consider their demand and produce snacks that old people would use instead of only focusing on the youths.

## Bibliography

1. Oakshott, L. (2001). Essential Quantitative Methods for Business Management and Finance 2nd  Edition, London: Palgrave.
2. Swift L., and Piff S., (2005), Quantitative Methods for Business Management and Finance, London: Palgrave.
3. Saunders M. and Thornhill A., (2002) Research Methods for Business Students, Prentice-Hall.
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