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Apply: Week 3 CaseThree hundred consumers between 21 and 49 years olod were randomly selected. After sampling a new wine cooler, each was asked to rate the appeal of the phrase: "Not sweet like wine c
Apply: Week 3 Case
Three hundred consumers between 21 and 49 years olod were randomly selected. After sampling a new wine cooler, each was asked to rate the appeal of the phrase: "Not sweet like wine coolers, not filling like beer, and more refreshing than wine or mixed drinks" as it relates to the new wine cooler. The rating was made on a scale from 1 to 5, with 5 representing "extremely appealing" and with 1 representing "not at all appealing".
As a manager overseeing the development of the concept, you bottle the wine cooler and placed it into distribution in one test store.
Use the Week 3 Data Set to create and calculate the following in Excel:
1. Estimate the probability that a randomly selected 21 to 49 year old consumer:
- Would give the phrase a rating of 5
- Would give the phrase a rating of 3 or hugher
- Is in the 21-24 age group
- Is a male who gives the phrase a rating of 4
- Is a 35 to 49 year old who gives the phrase a rating of 1
- Based on the probabilities for the ratings of 4 and 5, which age/gender demographic would be the best target audience for the new concept?
2. Create a probability distribution using the data which shows ho many cartons of the wine cooler were bought per customer in a month
- Calculate the mean and the standard deviation of your probability distribution
- Calculate the probability that exactly 3 six packs will be bought in a month
- Calculate the probability that between 4 and 8 six packs will be bought in a month
- Calculate the probability that at least 5 six packs will be bought in a onth
- Calculate the probability that no more than 5 six packs will be bought in a month
3. Create a relative frequency distribution based on the wine cooler drinking temperatures
- Create 6 bins with the same interval in each
- Create a histogram
4. Considering the mean and standard deviation for the ideal drinking temperature:
- Calculate z values then refer to Table 6.1 - Cumulative Areas Under the Standard Normal Curve
- Calculate the probability of the wine cooler being less than 45 degrees
- Calculate the probability of the wine cooler being greater than 60 degrees
- Calculate the percentage of wine coolers served at the ideal temperature, between 49 and 55 degrees