Good-Health Corporation is a producer of high-qualitysport equipment, e.g.,butterfly machines, fitness bikes, row machines, incline presses. The companywould like to increase its sales of row machines and hired a consultancyfirm (BUSCON) to investigate the market for its row machines. The marketing manager of Good-Health Corporation is especially interested in understandingspecific profiles of customers that buy their three different types of row machinesfor targeted advertisement to boost their sales. The three types of row machines differ from each other by the price, functionality and convenience. The entry level model, RM100 sells for $1200, and has only manual controls and two exercise difficulty levels. The mid class model RM120 sells for $1800 and has digital display and three exercise difficulty levels. The most advance model RM2020 has some unique features like, programmable exercise levels, an LCD screen, and heartrate monitor. The price of RM 200 model is $2800. To analyze the customer characteristics for each product type, BUSCON consultants decided to collect data. For the following 4 months, they collected data about each customerwho bought one of three products. The consultancy team thought that the following customer variables are important to understand the customer profiles: Purchased product, age, gender, education in years, relation status, annual income, number of times the customer plans to use the row machine each week, average number of minutesthe customer expects to use row machine each week, self assessed fitness score from 1 to 5 where 1 is poor and 5 is excellent. The collected data can be found in the accompanying excel file. Answer the following questions using this data.
Q1)Identify the type (i.e.,categorical, numerical, discrete numerical) of each variable in the sample(e.g., Product, age, etc.)?
Q2)Analyze customer profiles for each product by creating appropriate tables and charts (e.g., summary tables, contingency tables, side-by-side bar charts,pie charts, stem and leaf display, frequency distribution tables, histograms etc.).In your analysis use at least one of each tables and charts listed in the parenthesisabove. Discuss your findingsvery briefly.
Q3)Analyze customer profiles for each product using descriptive statistics (mean, standard deviation, quartiles). Create at least two summary tables andtwoboxplotsfor each product. Discuss your findings very briefly.
Answer one of the following two questions:
Q4)(a) Create at least two (at least 4 in total) 95% confidence interval estimates of variables of your choice for each productand explain your results very briefly.
(b) Analyze whether there exists differences between males and females in theirmean age and mean income. Using an F-test first to check whether each population has the same variance and, then, use the relevant t-test to check the differences in means. Discuss your results very briefly. OR
Q5)BUSCON consultants would like to use this data to study the income level of each customer. They think that age, education, gender and relation status are the independent variables that might affect the income. Perform a multiple regression analysis to identify the significant variables and present your final model
