Relationship Between Advertisement Expenditures and Sales Revenues Discussion

Description

Learning Goal: I’m working on a data analytics discussion question and need support to help me learn.

Post a total of three substantive responses over two separate days for full participation: includes your initial post and two replies to other students or your faculty member.

Due Day 3 (35 points)

Respond to each of the following questions in a minimum of 175 words.

Models help us describe and summarize relationships between variables. Understanding how process variables relate to each other helps businesses predict and improve performance. For example, a marketing manager might be interested in modeling the relationship between advertisement expenditures and sales revenues.

Use the Week 5 Discussion Data (in Resources below) and respond to the questions that follow:

A. Construct a scatter plot with this data. (Refer to Example 3 Scatter Linear Regression Analysis).

B. Do you observe a relationship between both variables? (Refer to LO 12-2).

C. Use Excel to fit a linear trend line to the data. What is the fitted regression model? (Refer to LO 12-3).

D. What is the slope? What does the slope tell us? Is the slope significant? (Refer to LO 12-2).

E. What is the intercept? Is it meaningful?

F. What is the value of the regression coefficient, r? What is the value of the coefficient of determination, R2? What does R2 tell us? (Refer to LO 12-4).

G. Use the model to predict sales when the business spends $885 ($’000) in the advertisement. Does the model underestimate or overestimates sales?

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