I need help with #6. I simply have no idea how to do it and its part of a group project.
- 6) Theorize/formulate predictive models with the variable ?likely? as the dependent variable to address the following questions and issues. Test the models using multiple regression analysis and interpret your findings.
- a) Whatisthedemographictargetmarketdefinitionforthenewrestaurant?
- b) Whatistherestaurantspendingbehaviortargetmarketdefinitionforthenew restaurant?
- c) Nowuserestaurantfeaturepreferencesfortargetmarketdefinitionforthenew restaurant. Provide a ranking of the features from the best predictor to the least. In other words, tell Jane which feature is most important, second most important etc.
Final Exam Project (Group Project 3)
Your client, Ms. Jane Garland, needs your help and guidance on the following issues
and questions. Your job is to submit a professionally prepared management report
that addresses all of the questions and issues raised below. The report should contain
results of appropriate analyses, proper interpretations and recommendations.
Remember: you are using sample data and your job is to make inferences and
generalizations about the population (Caution: it is okay teams helping other teams
for learning purposes, but make sure the work is your team?s own and it is not
plagiarized from another source or team. Honesty is vitally important):
1) Is preference for simple décor or elegant décor related to age? Explain and
provide useful insights on this matter.
2) Is preference for waterview related to preferences for menu, décor, and
atmosphere related factors? If so, what is the nature of the relationship? What
are the implications for your client?
3) Is there a significant difference between males and females regarding what they
would expect an average evening meal entree item to be priced ? Explain.
4) With respect to the restaurant?s décor, is a elegant décor preferred over simple
décor? What are the implications? Explain.
5) It has been speculated that the potential customers living in different geographic
areas identified by zip codes would have different reactions to the prospect of
patronizing (as measured by variable ?likely?) a new upscale restaurant. Are these
anticipated differences substantiated by the survey? Perform the proper analysis,
interpret your findings, and make proper recommendations regarding zip code areas
to target for promoting the new restaurant. Which zip code area has the most
promising potential customers? Why?
6) Theorize/formulate predictive models with the variable ?likely? as the dependent
variable to address the following questions and issues. Test the models using
multiple regression analysis and interpret your findings.
a) What is the demographic target market definition for the new restaurant?
b) What is the restaurant spending behavior target market definition for the new
c) Now use restaurant feature preferences for target market definition for the new
restaurant. Provide a ranking of the features from the best predictor to the least.
In other words, tell Jane which feature is most important, second most important
(Caution: some of these independent variables may not be appropriate or
suitable for regression analysis!).
1 7) You will notice that in the data file there is a new variable called ?VLpatron?. This
categorical scale variable was created by recoding the metric scale variable ?likely?
to distinguish ?Probable patrons? for the restaurant (likely to patronize the
prospective new restaurant =4 or =5) from ?Not probable patrons? (likely to patronize
the prospective new restaurant =1, =2, or =3). If the ?Probable patrons?, who are
coded as 1s in VLpatron, constitute the prospective new restaurant?s target market,
what is the demographic makeup of this target market? Use the demographics of
household income, education level, and gender. This is important information for
your client, Jane, so provide clear and concise information she can put to use.
8) Is City Magazine a viable advertising medium to use if Jane moves ahead with this
restaurant idea? (Hint: Use the variable ?VLpatron? for examining its relations to
various potential promotion media). Are there other viable promotion vehicles that
Jane should know about? For instance, which section of the newspaper or which
newscast she should choose to advertise this new restaurant if it becomes a reality?
Conduct appropriate analyses, interpret results and make recommendations.
Support your arguments with evidence based on proper analyses.
IMPORTANT: For this assignment, the winner projects under ?MARKETING
RESEARCH REPORTS: Best Projects Display? module on the course website should
be useful in terms of organizing your report and effective presentation. Review Chapter
15 for report preparation, but keep in mind this is not a complete research project from
A to Z. it is a partial report that addresses some important questions. Make sure to
provide all relevant analytical results and outputs (either as technical appendix or
within the body of the report). 2
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