Business Statistics

[Name of the Author]

Recommendations on the marketing plan

As a startup there business needs to focus on channels with the most potential. By analyzing the data of the given data set the destinations which are most desirable are Bahamas and Bermuda with 74% and 75% of the respondents favoring these destinations. So, the video package must include these two destinations as priority. The data also suggest that, in almost 70% couples, the bride takes the primary responsibility for honeymoon research so the package must be more appealing to the bride. Only 30% respondents would use videotapes for honeymoon research but almost 90% would use magazines for this purpose. Keeping these stats in mind they should advertise and market their videos through magazines. According to the data Natural scenery, entertainment and reputation of the honeymoon destination were found to be the priority factors for choice of honeymoon destinations. The couple's interest in buying video packages was gauged with a 7 point scale. 15% of the respondents showed extreme interest in buying the videos while 39% showed moderate interest in video packages, 28% showed little interest and 17% responded with no interest at all.

When the respondents asked about the preferred source of purchase of video package 78% respondents responded with travel magazines and bridal magazines as their primary source.

There were two groups in the data the higher income group and the lower income groups. Almost 78% of the respondents belonged to the higher income group and they were willing to buy the video for $17 to $23 (this CI is build with 99% confidence level.

Statistical significance for the mean of higher income group

For this test, the following data will be used

n = 71

=> 15

= 20.32

s = 9.44

a (at 95% CI) = 0.05 = 0.05/2 (two-tail) = 0.025

z (at 95% CI) = ...