Stock.com/O Case 1 You Can Look It Up! Not only is the amount of data collected...

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Stock.com/O Case 1 You Can Look It Up! Not only is the amount of data collected ever growing, but more and more of it can be accessed easily through the Internet. Web crawlers can even be used to scrape (search and store) data from the Web. Marketers benefit from the ready availability of consumption data online. For instance, consider how many marketers have a stake in the way that American consumers spend money on food. For instance, do Americans spend more money on food in the home or away from home? Does the answer to the question vary based on American consumers' incomes or generation?. The U.S. Census Department and U.S. Bureau of Labor Statis- tics maintain a huge amount of data relevant to the way U.S. citizens earn and spend money. Spending is tracked based on quarterly sur- veys that typically involve responses from approximately 7,000 U.S. households. If one searches for the Bureau of Labor Statistics (BLS) consumer expenditure survey, he/she likely will find a listing of tables available that break down consumer spending per household across dozens and dozens of categories by a myriad of character- istics. Table 1101, for instance, breaks down household consumer spending by household income showing proportionate spending in many categories (i.e., % of all income or spending). Suppose a restaurant group like Darden, Inc., faced decision statements related to what types of restaurants should be developed based on oppor- tunities in different income market segments. Prior to gathering primary data, the researchers charged with the task come across the data in Table 1101. With it, they can investigate questions such as: 1. Do upper-middle and lower-middle consumers spend the same amount of money proportionately on food at home? 2. 3. 4. Do upper-middle and lower-middle consumers spend the same amount of money on food away from home? Do all household income levels spend proportionately equal amounts on alcoholic beverages? Do U.S. consumers in each income category spend more on alcoholic beverages than nonalcoholic beverages? Considering the research questions above, address the following items: 1. Search the Internet and try to find the latest Consumer Expenditure Survey results by income quintile (meaning each progressive 20 percent of income - lowest 20 percent, second lowest 20 percent, third 20 percent, fourth 20 percent, and highest 20 percent). Prepare a bar chart displaying expendi- tures on food as a portion of all expenditures. Also, prepare a bar chart displaying the "share" of total income spent on food by income category. 2. Typically, Table 1101 will report total food expenditures and "food at home" expenditures. Compute "food away from home" for each income group by subtracting the "food at home" from the "food" expenditures. 3. 4. Perform statistical tests that examine each of the first two research questions above. Report your results. Perform statistical tests that address the last two research ques- tions above (numbers 3 and 4). Report your results. 5. What might the data in the table suggest about restaurant opportunities in each "income group" market? Stock.com/O Case 1 You Can Look It Up! Not only is the amount of data collected ever growing, but more and more of it can be accessed easily through the Internet. Web crawlers can even be used to scrape (search and store) data from the Web. Marketers benefit from the ready availability of consumption data online. For instance, consider how many marketers have a stake in the way that American consumers spend money on food. For instance, do Americans spend more money on food in the home or away from home? Does the answer to the question vary based on American consumers' incomes or generation?. The U.S. Census Department and U.S. Bureau of Labor Statis- tics maintain a huge amount of data relevant to the way U.S. citizens earn and spend money. Spending is tracked based on quarterly sur- veys that typically involve responses from approximately 7,000 U.S. households. If one searches for the Bureau of Labor Statistics (BLS) consumer expenditure survey, he/she likely will find a listing of tables available that break down consumer spending per household across dozens and dozens of categories by a myriad of character- istics. Table 1101, for instance, breaks down household consumer spending by household income showing proportionate spending in many categories (i.e., % of all income or spending). Suppose a restaurant group like Darden, Inc., faced decision statements related to what types of restaurants should be developed based on oppor- tunities in different income market segments. Prior to gathering primary data, the researchers charged with the task come across the data in Table 1101. With it, they can investigate questions such as: 1. Do upper-middle and lower-middle consumers spend the same amount of money proportionately on food at home? 2. 3. 4. Do upper-middle and lower-middle consumers spend the same amount of money on food away from home? Do all household income levels spend proportionately equal amounts on alcoholic beverages? Do U.S. consumers in each income category spend more on alcoholic beverages than nonalcoholic beverages? Considering the research questions above, address the following items: 1. Search the Internet and try to find the latest Consumer Expenditure Survey results by income quintile (meaning each progressive 20 percent of income - lowest 20 percent, second lowest 20 percent, third 20 percent, fourth 20 percent, and highest 20 percent). Prepare a bar chart displaying expendi- tures on food as a portion of all expenditures. Also, prepare a bar chart displaying the "share" of total income spent on food by income category. 2. Typically, Table 1101 will report total food expenditures and "food at home" expenditures. Compute "food away from home" for each income group by subtracting the "food at home" from the "food" expenditures. 3. 4. Perform statistical tests that examine each of the first two research questions above. Report your results. Perform statistical tests that address the last two research ques- tions above (numbers 3 and 4). Report your results. 5. What might the data in the table suggest about restaurant opportunities in each "income group" market?