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 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