11 March 2021 18 9K Report

TTK Prestige Private Limited specializes in manufacturing and kitchen related products. One of the products it sells is a cooker marketed under the name Svacch Nakshatra. Although the product has generated substantial net revenues for TTK Prestige Private Limited, the management is unsure of its pricing and advertising strategies, and has undertaken, with the cooperation of some retail stores, to conduct a statistical analysis of demand for the product in India.

TTK Prestige Private Limited’s analysts believe that the principal determinants of consumer purchases of Svachh Nakshatra are: (1) the price charged for Svachh Nakshatra, (2) the price of Contura Black (a competing brand cooker sold by rival (“Hawkins”), and (3) advertising expenditure on Svachh Nakshatra. The following data were collected from a group of representative stores.

Q

qsold

PSN

PCB

A

1

1027

1450

1420

3.97

2

1024

1290

1450

4.54

3

974

1470

1390

3.77

4

1111

1330

1430

3.29

5

1042

1440

1400

3.49

6

1304

1320

1470

4.27

7

1054

1330

1380

4.11

8

997

1350

1370

3.5

9

1223

1310

1430

3.97

10

1247

1300

1440

3.88

11

1049

1460

1430

3.99

12

1250

1270

1470

4.54

13

972

1470

1380

3.75

14

1184

1320

1460

3.31

15

1054

1430

1410

3.49

Where Q = Store Number

qsold = weekly quantity of Svachh Nakshatra sold (hundreds)

PSN = Price of Svachh Nakshatra (INR)

PCB = Price of Contura Black (INR)

adv = TTK’s Advertising (INR Lakhs)

In the table, the price of Contura Black is the retail price charged consumers, while the price of Svachh Nakshatra is the price TTK Prestige Private Limited charges its customers. However, since the retailers use markup pricing, the price charged by TTK Prestige Private Limited does determine what consumers pay for Svachh Nakshatra.

Questions:

  • How do you suggest to explore the relationship between Q, PSN, PCB, and A? What are the assumptions and hypotheses in developing this study?
  • Your team as analysts right in hypothesizing linear relationship between dependent and independent variables? Provide sound reasoning. (Hint: visualize the data to understand linearity or non-linearity)
  • What do results convey? What is the significance of intercept (if any) and PSN, PCB, and A in evaluating quantity of Svachh Nakshatra sold? Using the data obtained by TTK Prestige Private Limited’s, and the statistical model, provide the estimate a linear regression equation for TTK Prestige Private Limited’s sales volume of Svachh Nakshatra. Interpret the results of the equation with regard to
  • Overall goodness of fit, and
  • Significance of the estimated coefficients of the independent variables
  • What do the results convey? In simple terms, explain the results.
  • For price of Svachh Nakshatra varying between Rs.1200 to Rs.1500, the advertising costs varying between Rs. 2 lakhs to Rs. 5 lakhs, and Contura Black’s price between Rs. 1350 to 1550, what is the quantity of sales demand for Svachh Nakshatra?
  • Management contemplates what the demand function indicates the sales volume of the Svachh Nakshatra is related to its price, the price of Contura Black, and advertising expenditures on Svachh Nakshatra. Mrs. Hema, a member of analysts team that carried out the study states that a number of important conclusions can be drawn by setting each of the variables in the table equal to its mean value and determining the quantity sold that the demand model estimates. She says that the signs of the estimated coefficients and the elasticity of the quantity with respect to each of the independent variables will indicate that TTK Prestige Private Limited should consider some alterations in its current pricing and advertising strategies. Using the mean values of the independent variables in the table with estimated regression, determine what strategy changes Mrs. Hema would be likely to suggest.

    • More Sourav Bandyopadhyay's questions See All
    How can I measure MMP-1 protein activity or protein level from liver tissue?

    Instead of checking only the mRNA level, I want to check the active protein level of MMP-1 in Liver tissue from mice. How can I do that?

    03 March 2021 1,763 2 View

    Binary Logistic Generalized Linear Mixed model in SPSS. Is it doable?

    I want to analyses the proportion of swimming sperm of three species of fish in two salinities. To analyse the proportion of swimming sperm in a Generalized Linear Model, I would use a Binary...

    03 March 2021 2,297 3 View

    Looking for Materials with high thermal expansion coefficient and high temperature resistance?

    03 March 2021 8,272 1 View

    Guidelines for survey (question type) analysis?

    Hi. Please tell me what guidelines should i need to follow for questionaries' type research work in India. It is not hospital based work, we are conduction basic institutional based qualitative...

    03 March 2021 2,037 3 View

    What are the values needed for gabor filter's parameter for cifar10 data?

    Hi, I implemented a code to gabor filter cifar10 data but the images after being filtered and stacked are not clear like the original images. I think the problem is in the way I am using the...

    03 March 2021 6,317 1 View

    Can we block unwanted images during the x-ray prediction?

    i am try to classify the x-ray images. During classification , can i block unwanted images (except x-ray image).

    03 March 2021 7,100 1 View

    No title

    03 March 2021 5,360 2 View

    What techniques can I use to determine the miscibility of polymer blends?

    The term miscibility refers to the single-phase state in thermodynamics. I do not mean the compatibility of different components. To determine the miscibility I know several techniques such as...

    03 March 2021 4,107 4 View

    Sample dilution for quantitative analysis using ELISA?

    If the detection range is in ng/ml but the reference range is in ug/ml for a molecule or protein in serum or plasma .how to dilute and what is the initial volume to be taken for quantitative analysis

    02 March 2021 7,670 3 View

    The procedure compute?

    02 March 2021 5,204 3 View

    Similar questions and discussions
    error in running a model in Abaqus

    Excessive rotation of nodes in node set ErrNodeExcessRotation-Step1

    17 August 2021 0 0 View

    error in modelling model in Abaqus

    Excessive rotation of nodes in node set ErrNodeExcessRotation-Step1

    17 August 2021 0 0 View

    MGL tools

    20 June 2021 0 0 View

    i have some problem with chtMultiRegionSimpleFoam

    --> FOAM FATAL ERROR: Maximum number of iterations exceeded From function Foam::scalar Foam::species::thermo::T(Foam::scalar, Foam::scalar, Foam::scalar, Foam::scalar (Foam::species::thermo::*)(Foam::scalar, Foam::scalar) const, Foam::scalar (Foam::species::thermo::*)(Foam::scalar, Foam::scalar) const, Foam::scalar (Foam::species::thermo::*)(Foam::scalar) const) const [with Thermo = Foam::hConstThermo >; Type = Foam::sensibleEnthalpy; Foam::scalar = double; Foam::species::thermo = Foam::species::thermo >, Foam::sensibleEnthalpy>] in file /home/ubuntu/OpenFOAM/OpenFOAM-4.1/src/thermophysicalModels/specie/lnInclude/thermoI.H at line 66. FOAM aborting #0 Foam::error::printStack(Foam::Ostream&) at ??:? #1 Foam::error::abort() at ??:? #2 Foam::heRhoThermo >, Foam::sensibleEnthalpy> > > >::calculate() at ??:? #3 Foam::heRhoThermo >, Foam::sensibleEnthalpy> > > >::correct() at ??:? #4 ? at ??:? #5 __libc_start_main in "/lib/x86_64-linux-gnu/libc.so.6" #6 ? at ??:?

    24 March 2021 0 0 View

    What's the best way to measure growth rates in House sparrow chicks from day 2 to day 10?

    What's the best way to measure growth rates in House sparrow chicks from day 2 to day 10? Since, the growth curve from day 2 to 10 won't be like the "Logistic curve" it might not follow logistic...

    03 March 2021 1,401 3 View

    What is the production process of CaFe ferroalloys?

    I looking for ferro calcium production process

    03 March 2021 1,755 4 View

    Resistor definition in Piezoelectric bimorph with ANSYS workbench

    Hello, good day! I am trying to simulate similar bimorph piezoelectric harvester with below commands. However, the output power doesn't change with resistor value. Please help to find the reason. ET,10,CIRCU94,0 !SET UP RESISTOR R,1,100000 !RESISTANCE VALUE TYPE,10 !SET ELEMENT TYPE E,1,2 !CREATE RESISTOR BETWEEN NODES 1 AND 2 Thanks in advance Regards,

    02 March 2021 0 0 View

    Ideas for Phd's Thesis on pricing (Marketing)?

    Hi everyone, I'm studying Marketing and I would like to write my PhD thesis on the topic of pricing. Any specific ideas?

    02 March 2021 9,706 5 View

    Do you know any MR image dataset?

    I would like to research on MR images (0.5T and 3T). Can you please suggest some websites that I can download dataset including both 0.5T and 3T MR images? Thank you.

    02 March 2021 7,735 3 View

    Which is suitable for use with Python? MySQL or SQL Server?

    Which is suitable for use with Python? MySQL or SQL Server? What is your suggestion?

    01 March 2021 3,422 3 View

    Our partners will collect data and use cookies for ad personalization and measurement. Learn how we and our ad partner Google, collect and use data. Agree & close