Problem:
PiggyBank has narrowed its options down to two incentive plans: A. cash back when the consumer makes an online purchase; and B. cash back when the consumer makes a purchase at a clothing store. The bank doesn't know whether consumers would shop online more than at clothing stores.
Information Experts has placed you in a group to develop null and alternative hypotheses to help the bank determine which option would provide the best incentive to consumers. Work with your group members to develop the null and alternative hypotheses. As a group, write a brief memo to the PiggyBank product development team describing your hypotheses and explaining how you arrived at them.
Case Scenario:
You are a relatively new employee of Information Experts, a research consulting organization, which assists companies and non-profits in analyzing data to research issues and make business decisions. The company has assigned you to complete a project for one of its clients.
For this project, you will be working with PiggyBank. The bank has decided to offer a new credit card that offers incentives for certain kinds of transactions. They are interested in hiring Information Experts, but they don’t know if Information Experts’ data analysis will help them with their decision of what types of incentives to offer.
Your first responsibility on this project is to explain the value of statistical tools to PiggyBank, so that they will hire Information Experts. Once your company has been hired, your responsibility will be to examine and analyze research, and use statistics to help PiggyBank determine which product to market. Because this is your first project for Information Experts, the company has provided a peer/mentor group to help you.