Inferential Statistics and Findings:
Instructions:
Using the research question and two variables below create a short paper about inferential statistics (hypothesis test).
Include:
(a) The research question
(b) Mock data for the independent and dependent variables- please make up the numbers if you need to use numbers.
Determine the appropriate statistical tool to test the hypothesis based on the research question.
Conduct a hypothesis test with a 95% confidence level, using the statistical tool.
Interpret the results and provide your findings.
Submit both the spreadsheet and the paper.
Research Question and Variables.
Corner Coffee is a large coffee company that has been in business for the last 30 years. They have over 150 locations in Southern California. Corner Coffee brews exceptional coffee using Columbian coffee beans. Over the last few years their business has been reducing and that has caused the company to face some challenges.
Corner coffee was once the most favored coffee for its unique tasting coffee is now losing its customers to local competitors. The business problem relies on the increased price of coffee. In order to solve this research problem we will identify the dependent variable and independent variables, as well as create a hypotheses problem, the outcome of this research will result in a recommendation to increase sales. We decided to conduct a sample survey and asked Customers why they dont go to Corner Coffee as frequently. Customers complained that the prices are increasing too frequently and there are other coffee retailers who also serve good coffee at lower price. In this situation the Variable dependent is the price of coffee and the independent variable is the cost for coffee beans from Columbia.
Corner coffee Management needs to recognize this issue and conduct tools in order to raise their population business percent. Our team highly recommends focusing on budget and organization. Corner coffee needs to budget on many other purchasing and figure out a way to cut/ bring down prices comparable to local coffee shops. In order to begin this process or project they will need some positive advertisement for population attention. In another words they can provide special prices or sessional specials. The concept of a business Corner coffee needs to get good feed back to individuals who like to socialize and enjoy their time without spending too much money. Another positive idea would be adding regular rich coffee as well as Columbian coffee. Regular coffee will be reduced cost and it may raise business percent. Management needs to focus on physical chrematistics as well as great customer service. As we focus on budget and price reductions, it may also be highly recommended to observe all the other aspect of the business. Our team will continue conducting other plans in order to increase great value of service and possible ways to boost up business for Corner coffee.