Your boss also hired MarketWise to conduct a study of how various factors influence snowboard sales,...

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Your boss also hired MarketWise to conduct a study of how various factors influence snowboard sales, including social media presence (SMP). MarketWise procured data (from multiple secondary data sources) on 12 snowboard brands (2019 data) and then modeled snowboard sales last year as a function last year's prices, price promotions, proportion of adoptions across the world's top-10 snowboarders, and SMP. SMP was a composite measure built from multiple variables, the most important of which consisted of social media advertising impressions (impression = a consumer seeing an ad, where the number of impressions is generally a function of how much the company spends on advertising). The relevant text from MarketWise's report reads as follows: "The following model with coefficients was estimated with multiple regression: Sales=32-.14(Price) +.06(Promotions) + .05(Adoptions) + .18(SMP) Whereas higher prices reduced sales (b=-.14. p=03), promotions (b= .06, p= .34), adoptions (b= .05, p.39), and SMP (b.18, p=019) all increased sales. We therefore recommend that Aventurier increase its SMP significantly next year to help improve its sales and profits." Your boss is especially interested in the SMP effect given that Aventurier's current SMP is a bit below that of some of its competitors. Therefore, please... 1. Explain to your boss what the p-value means in general (the probability of...), and, more specifically, what SMP's p-value means for the SMP-sales association in particular. 2. Evaluate MarketWise's SMP reasoning and recommendation. Your boss also hired MarketWise to conduct a study of how various factors influence snowboard sales, including social media presence (SMP). MarketWise procured data (from multiple secondary data sources) on 12 snowboard brands (2019 data) and then modeled snowboard sales last year as a function last year's prices, price promotions, proportion of adoptions across the world's top-10 snowboarders, and SMP. SMP was a composite measure built from multiple variables, the most important of which consisted of social media advertising impressions (impression = a consumer seeing an ad, where the number of impressions is generally a function of how much the company spends on advertising). The relevant text from MarketWise's report reads as follows: "The following model with coefficients was estimated with multiple regression: Sales=32-.14(Price) +.06(Promotions) + .05(Adoptions) + .18(SMP) Whereas higher prices reduced sales (b=-.14. p=03), promotions (b= .06, p= .34), adoptions (b= .05, p.39), and SMP (b.18, p=019) all increased sales. We therefore recommend that Aventurier increase its SMP significantly next year to help improve its sales and profits." Your boss is especially interested in the SMP effect given that Aventurier's current SMP is a bit below that of some of its competitors. Therefore, please... 1. Explain to your boss what the p-value means in general (the probability of...), and, more specifically, what SMP's p-value means for the SMP-sales association in particular. 2. Evaluate MarketWise's SMP reasoning and recommendation.

Answer rating: 100% (QA)

Certainly Id be happy to help you with your questions about the pvalue and MarketWises recommendation regarding SMP in snowboard sales What the pvalue Means in General In statistics the pvalue is a me... View the full answer