You are working for a large manufacturing firm on the marketing and price communications team. You should choose an inventive name for your firm and one for your team that should appear on the title page of the report. Your team has been assigned the task of performing a market analysis of the potential sales of Hapax writing instruments (or an item of your choice) and producing a descriptive summary report of the sales potential of the traditional (Legacy) and newly-designed (New) products. Data on the regions, product types, items, sales prices, and sales potentials for products A, B, C, and D are included in the spreadsheet entitled Project Data F14.xlsx in BbLearn under the Semester Project icon. To make a recommendation as to which product the firm should vigorously pursue in its marketing program in the region of the Americas, you will need to perform statistical analyses of the sales potential of the various types of products the firm manufactures. Your firm is risk seeking, and the directors would like to maximize profits in the short-term. To make your recommendation(s), you will need to perform the following operations:
1. Disaggregate the data so as to obtain information for the Americas region alone, for Legacy and New products, and by types A, B, C, and D.
2. Obtain and contrast the descriptive statistics, and perform exploratory data analysis on Legacy product types A, B, C, and D for the three projected sales dates.
3. Repeat Part 2 above for New products.
4. Prepare a summary table of the results for Legacy and New product types A, B, C, and D.
Recall that your firm is risk seeking and would like to maximize profits in the short-term. Based upon this and your summary results for the descriptive data analysis, you should be able to narrow down your selection for a recommendation as to which product type should be vigorously marketed in the Americas region. This should be based upon the rules relating to returns, absolute risks and relative risks. In the end, your team should make one recommendation as to the product (Legacy or New) and the product type (A, B, C, and D) that the firm should strongly promote in the Americas region.
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