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Factors that impact a customer’s willingness to buy.

Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich ISBN: 9780321826237 51

Solution for problem 102SE Chapter 9

Statistics for Business and Economics | 12th Edition

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Statistics for Business and Economics | 12th Edition | ISBN: 9780321826237 | Authors: James T. McClave, P. George Benson, Terry T Sincich

Statistics for Business and Economics | 12th Edition

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Problem 102SE

Factors that impact a customer’s willingness to buy. Advancements in information technology have yielded services that compete against products, with each providing roughly the same benefits to the consumer (e.g., home answering machines and voice-mail services). With the advent of such services, consumers also face different types of pricing schemes. Using a 2 * 2 factorial design, D. Fortin and T. Greenlee of the University of Rhode Island investigated the effects of the type of message retrieval system (answering machine vs. voice-mail service) and the type of pricing (lump sum amount for 5 years of use vs. monthly cost for 5 years of use) on consumers’ willingness to buy (Journal of Business Research, Vol. 41, 1998). The first pricing option requires the consumer to do mental arithmetic to determine the total cost of the system; the second provides the true full cost. Thirty subjects were randomly assigned to each of the four treatments. Each was exposed to a purchase situation involving the relevant product or service and payment description and was asked to indicate his or her willingness to buy the item on a 5-point scale (1 = definitely would not buy; 5 = definitely would buy). The results are presented in the incomplete ANOVA table below.

a. Fill in the degrees of freedom (df) column in the ANOVA table.

b. Specify the null and alternative hypotheses that should be used in testing for interaction effects between type of message retrieval system and pricing option.

c. Conduct the test of part b using Interpret the results in the context of the problem.

d. Given the results of part c, is it advisable to conduct main effects tests? Why or why not? If so, perform the appropriate main effects tests using.

Step-by-Step Solution:
Step 1 of 3

Com 275 Lecture #2 9/8/16 History of Mass Communications Effects What Defines Mass Communication Large-scale distribution and reception process characterized by: -one directional informational flow (media to audience) -impersonal source and anonymous receiver -asymmetrical...

Step 2 of 3

Chapter 9, Problem 102SE is Solved
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Textbook: Statistics for Business and Economics
Edition: 12
Author: James T. McClave, P. George Benson, Terry T Sincich
ISBN: 9780321826237

This textbook survival guide was created for the textbook: Statistics for Business and Economics , edition: 12. This full solution covers the following key subjects: Buy, effects, Pricing, results, Using. This expansive textbook survival guide covers 15 chapters, and 1630 solutions. The answer to “Factors that impact a customer’s willingness to buy. Advancements in information technology have yielded services that compete against products, with each providing roughly the same benefits to the consumer (e.g., home answering machines and voice-mail services). With the advent of such services, consumers also face different types of pricing schemes. Using a 2 * 2 factorial design, D. Fortin and T. Greenlee of the University of Rhode Island investigated the effects of the type of message retrieval system (answering machine vs. voice-mail service) and the type of pricing (lump sum amount for 5 years of use vs. monthly cost for 5 years of use) on consumers’ willingness to buy (Journal of Business Research, Vol. 41, 1998). The first pricing option requires the consumer to do mental arithmetic to determine the total cost of the system; the second provides the true full cost. Thirty subjects were randomly assigned to each of the four treatments. Each was exposed to a purchase situation involving the relevant product or service and payment description and was asked to indicate his or her willingness to buy the item on a 5-point scale (1 = definitely would not buy; 5 = definitely would buy). The results are presented in the incomplete ANOVA table below.a. Fill in the degrees of freedom (df) column in the ANOVA table.b. Specify the null and alternative hypotheses that should be used in testing for interaction effects between type of message retrieval system and pricing option.c. Conduct the test of part b using Interpret the results in the context of the problem.d. Given the results of part c, is it advisable to conduct main effects tests? Why or why not? If so, perform the appropriate main effects tests using .” is broken down into a number of easy to follow steps, and 287 words. The full step-by-step solution to problem: 102SE from chapter: 9 was answered by , our top Business solution expert on 07/21/17, 05:42AM. Since the solution to 102SE from 9 chapter was answered, more than 233 students have viewed the full step-by-step answer. Statistics for Business and Economics was written by and is associated to the ISBN: 9780321826237.

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