In a continuation of the Springdale Shopping District Survey, use of confidence intervals is introduced to improve upon the evaluation of the quality of the statistics derived from the survey of a sample population. There has historically been an assumption that the respondents represent a simple random sample of all potential respondents within the community and that the population is large enough that application of the finite population correction would not make an appreciable difference in the results. Use of confidence intervals will provide an indication of the level of confidence that can be applied when reviewing the survey results.
The survey offers insight into shopper partiality toward each store identifying the general attitude for the respondents toward each shopping area. Survey results were captured through a telephone based survey of 150 local residents conducted by the Archimedes Group, Indiana, PA (Weiers, 2008).
Managers associated with shopping areas like the Springdale shopping area gain useful insight through point estimates regarding a number of variables describing the characteristics and behaviors of their customer base. Being able to have confidence in survey results In addition, it is helpful for them to have some idea as to the likely accuracy of these estimates. The results of surveys may be used to enhance store layout, development of employee skills, and influence purchasing habits.
When looking at the general attitude of shoppers toward each of the three shopping areas, several important facts are needed to prepare the results. The average response or mean, the size of the sample of our population and clarification on the level of confidence acceptable to the end user of the survey all cont...
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...her reassured of the level of confidence they may infer from the results. Of interest to note in the evaluation of the overall results using confidence intervals, when comparing the ratings for each mall based on the various user demographics the lower the rating, the higher the maximum likely error.
General indicators from the survey reflect a preference to the Springdale Mall for shoppers, even when evaluating the smallest demographic group in the sample population. The West Mall continues to rate on the lowest end of the survey with shoppers, below the Downtown Area. Using a 95% confidence interval helps ensure the maximum likely error a random shopper will differ in opinion from the point estimate results of the Springdale Shopping Survey.
Works Cited
Weiers, R.M. (2008). Introduction to Business Statistics, Seventh Edition. Mason, OH. Centage Learning.
The company first needs to collect demographic and geographic information relevant to potential store location choices in order to segment its market. It is extremely important that the marketing team gather thorough information in order to ensure they are focusing efforts in areas where the company’s products will be best received. This will help them in achieving maximum sales.
Shopping is not simply a chore; it is also an experience. Shopping for clothing is a particularly personal decision, and various motivating factors can cause one shopper to choose a particular store over another store. Some consumers go to the store to confirm that they belong to a certain social stratum, others because they enjoy the thrill of a bargain. According to Daniel Miller in ‘Making Love in Super Markets’, the behavior of consumers in supermarkets tends to fall into two categories: ‘treat’ shoppers and ‘thrift’ shoppers.
Norton, Anne. "The Signs of Shopping." The Signs of ShoppinG in the U.S.A. Sixth ed. Boston: Bedford/St. Martins, 2009. 101-06. Print.
...optimize shoppability of the store. One day, we will have cameras in every store, and the shopping experience will be tracked and customized to the consumers’ needs. Just like we get accustomed to other things in life that change around us, we will all soon agree that these options that retailers are taking without our permission will soon be invaluable and we will thank them for such ease. Although, it may not easy for some people to agree; if they were to take the time to be able to fully understand the retailer’s idea behind such techniques, it would change their mind. And if they are able to accept such change, at least they would not feel so betrayed. Under these circumstances, the observation of consumers is a provision to help boost the market with its sales and development. In addition, it creates the preeminent aftermath for both the retailer and customer.
For this exercise I decided to visit the Holyoke Mall to observe the many different behaviors people displayed while shopping. As I was sitting at one of the benches on the second floor I noticed a pattern of certain actions and behaviors.
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5) What might each of the 2 sources tell you about consumer behavior in your area.
...es several groups were randomly selected to help get some insight into prospective customers. These groups consisted of a wide range of females ages ranging from 15-75. They were asked a variety of question. These questions consisted of what type of service they were typically use to and how that current services could possibly be improved. They were given information about our company and what we offer. We then asked what were some of their personal feelings about having our company come into their homes to provide them with service. They provided us with feedback that was pretty much already known to Crowning Glory nonetheless to our surprise there was feedback that made sense but had not been thought of.
Marketing is an important function for most firms, particularly when estimating their level of future sales. A company will want to have an idea of how many products it will sell in a given financial period, but cannot know true number with certainity until after the end of the period.By collecting data from customers, past sales numbers and other sources, a company can statistically estimate the value of duty sale. By using a confidence Interval, the company can determine the range it's sales are likely to
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When we are introduced to statistics we either face it or deal with it head-on despite our fear with this subject and we start thinking about the time it would take us to complete a paper or statistics design bases on the extended reading we would have to do in order to understand the subject for clarification of what to expect, and take away from that subject. Therefore, this discussion will define confidence intervals, stipulate when we would need to use confidence intervals in statistical analysis, and examine why the Publication Manual of the American Psychological Association recommends the inclusion of confidence intervals in study results.
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One of the most important areas to consider is customer service. The atmosphere of a store
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