In 2018, a consumer goods giant had more than 20 brands with more than $1 billion in annual sales. How does the company create so many successful consumer products? They effectively invests in research and development to understand what consumers want. One method used to determine consumer preferences is called conjoint analysis. Conjoint analysis allows a company to ascertain the utility that a respondent in the conjoint study places on a design of a given product. The higher the utility, the more valuable a respondent finds the design. Suppose we have conducted a conjoint stud and have the following estimated utilities (higher is preferred) for each of three different designs for a new whitening toothpaste. Respondent 1 2 3 4 5 6 7 8 9 10 Design A 24.6 31.4 31.8 15.4 20.7 41.0 27.1 20.2 31.6 24.4 Utilities Design B 34.4 31.4 20.2 26.4 18.3 34.0 22.5 21.8 29.4 29.0 Design C 28.8 33.9 27.8 25.1 18.2 44.8 27.3 27.9 31.3 29.3 At the 0.05 level of significance, test for any significant differences.
In 2018, a consumer goods giant had more than 20 brands with more than $1 billion in annual sales. How does the company create so many successful consumer products? They effectively invests in research and development to understand what consumers want. One method used to determine consumer preferences is called conjoint analysis. Conjoint analysis allows a company to ascertain the utility that a respondent in the conjoint study places on a design of a given product. The higher the utility, the more valuable a respondent finds the design. Suppose we have conducted a conjoint stud and have the following estimated utilities (higher is preferred) for each of three different designs for a new whitening toothpaste. Respondent 1 2 3 4 5 6 7 8 9 10 Design A 24.6 31.4 31.8 15.4 20.7 41.0 27.1 20.2 31.6 24.4 Utilities Design B 34.4 31.4 20.2 26.4 18.3 34.0 22.5 21.8 29.4 29.0 Design C 28.8 33.9 27.8 25.1 18.2 44.8 27.3 27.9 31.3 29.3 At the 0.05 level of significance, test for any significant differences.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter10: Statistics
Section10.6: Summarizing Categorical Data
Problem 28PPS
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