Practical Management Science
6th Edition
ISBN: 9781337406659
Author: WINSTON, Wayne L.
Publisher: Cengage,
expand_more
expand_more
format_list_bulleted
Related questions
Question
You are the marketing director for a minor league baseball team, and (not unlike a certain major league baseball team in this city) you are interested in ways to increase attendance.You think that attendance is likely driven by several factors, including how competitive the team is, the weather, and certain price promotions which are offered periodically throughout the season (e.g., ‘Buck Night’, where all parking, hot dogs and soft drinks are only $1). Based on data from several prior seasons, you estimate the following regression model for attendance:
attend= 1000 + 10,000 win% + 1500 sun + 1200 sun*promo
where,
attend = attendance in number or patrons
win% = team’s winning percentage (a measure of how competitive they are)
sun = 1 if the weather is sunny, 0 else
promo = 1 if the game offered a price promotion, 0 else.
a) Draw a graph of the relationship between attendance and the team’s winning percentage, for the case when there is a price promotion on a sunny night. Also, graph the relationship when the weather is sunny but there is no price promotion. Be sure to clearly label the graph axes, the numerical values of slopes and intercepts, along with which lines you are graphing.
b) Suppose you are planning on offering a price promotion, although the
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution
Trending nowThis is a popular solution!
Step by stepSolved in 3 steps with 4 images
Knowledge Booster
Similar questions
- no handwritten notes!arrow_forwardWhy is it usually a bad idea to buy a newly completed condo unit to flip for a quick profit? A In a rising market, condos typically rise in value faster than single family homes B In a rising markets condos typically rise more slowly in value than single family homes C Condos price tend to rise at times when single family houses prices dropping D In a failing market, condos typically drop in value more slowly than single family homesarrow_forwardThe George Foreman Grill is a compact cooking appliance with a double-sided cooking surface that is angled to allow fat to drip off the food and out of the grill. Describe a likely target market for this product. What will be its characteristics? How does this target market, in your opinion, rate with respect to size, and its growth rate? Write a positioning Statement for the George Foreman Grill.arrow_forward
- You are the new marketing manager for The Westside Coffee Company. You have been tasked with developing a strategic marketing and communications plan to improve store performance. Over the next few weeks, you will develop different elements of your marketing and communications plan. Consumer/Marketplace Insights and Micro-Moments Resource: Read the articles from the University Library. Perform a price/quality segmentation analysis using the resources provided in the University Library. You will need toYou are the new marketing manager for The Westside Coffee Company. You have been tasked with developing a strategic marketing and communications plan to improve store performance. Over the next few weeks, you will develop different elements of your marketing and communications plan. Consumer/Marketplace Insights and Micro-Moments Resource: Read the articles from the University Library. Perform a price/quality segmentation analysis using the resources provided in the University…arrow_forwardThe following data are collected after a firm runs a Search Engine Marketing (SEM) campaign. The average revenue per transaction generated from the SEM program is $200. Media Spending Impressions Clicks $524,000 4,768,407 182,341 Determine each of the following metrics for the program detailed above: Cost per Sale Transactions 3,453 Profit per Unit (NOTE: You may express this in Dollar Profit or Profit Margin.) Search Ad Return on Investment (ROI), if the Search Ad Profit is $166,600 NOTE: Please take answers to two (2) decimals, i.e. x.xx, AND use the appropriate notation, i.e. % or $s, when necessary.arrow_forwardAssuming you are the marketing executive for a major international airline flying in/out of Sydney. Your airline has 4 classes of passengers: first class, business class, premium economy class and economy class. Describe the market for the first class, business class, premium economy and economy class seats (i.e. who are the people who would likely to fly first, business and economy class). How do we know? Give reasons to support your answer.arrow_forward
- 4-2 Consider the following sample data for the relationship between advertising budget and sales for Product A: Observation 1 2 3 4 5 6 7 8 9 10 Advertising ($) 80,000 80,000 90,000 100,000 100,000 110,000 120,000 120,000 130,000 140,000 Sales ($) 499,000 477,000 546,000 614,000 623,000 653,000 747,000 714,000 785,000 858,000 What is the predicted sales quantity for an advertising budget of $108,000? Please round your answer to the nearest integer. Note that the correct answer will be evaluated based on the full-precision result you would obtain using Excel.arrow_forwardIn your bar you find you had the following sales. Use this information to find your average value per ounce and your value for 15 1 L bottles sold. Drink Mint Julep Bourbon Shot Number Sold 25 95 Primary Spirit Volume in Oz 12 1.5 Drink Price $6.50 $3.00arrow_forwardDescribe an application or service you would like to be able to use on the web that is not yet available Describe the potential market for this application or service. Forecast how long vou believe it will take before this will occur.arrow_forward
- The marketing mix is a key set of tools within the microenvironment, which helps an organization produce the response it wants from their target market. It’s made of up the 4Ps, which include product, price, place, and promotion. When these four factors are aligned properly, they play an important role because it encompasses everything an organization can do to deliver customer value and engage consumers. Simulated Business Scenario: Zihan is a baker who is planning to start his own business and open a bakery in his hometown in Connecticut. Her has spent a lot of time and effort perfecting the cookie recipe , which she has been making over the years from a family recipe. Zihan is concerned that she is spending too much time and effort on the actual cookie recipe (product) and not enough time on the remaining 3Ps. In order to ensure a successful launch of her new business, Zihan hired you to help with the bakery’s grand opening.She asked you to prepare a report detailing what the bakery…arrow_forwardRita has set up a company to manufacture and market GPS tracking systems for cross country runners who like to go on trails in uninhabited areas. A GPS could help if someone gets lost while running on these types of trails. Rita is trying to figure out which approach she will use to bring awareness to her product. She is also trying to understand who her customer would be. She has decided a sales orientation would be best suited for her new product. Questions What are important considerations for and against using a sales orientation approach? In your answer discuss what a sales orientation is and why it might or might not work for Rita. Which orientation do you think would best be suited for this type of product and why? (Explain how this chosen orientation would be beneficial for this business.)arrow_forwardPostee Bakery Foods has recently expanded from the United States into the South American market. To aid this transition, the company has implemented database marketing to track customers’ spending habits and discern patterns Postee’s website lists all of its products, offers online purchases, and allows customers to register and fill out surveys about the products to enter to win prizes.Postee also advertises in newspapers and with television commercials. Ashish, director of marketing at Postee, believes that the company’s traditional U.S.summer advertising campaign, which runs during the month of July and focuses on newspapers and commercials, will be an effective use of advertising resources in the new South American market. Which of the following questions could Ashish most likely answer objectively? A) What percentage of South American users who register on Postee’s website eventually make an online purchase with Postee? B) How many purchases that were completed after this…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Practical Management ScienceOperations ManagementISBN:9781337406659Author:WINSTON, Wayne L.Publisher:Cengage,
Operations ManagementOperations ManagementISBN:9781259667473Author:William J StevensonPublisher:McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi...Operations ManagementISBN:9781259666100Author:F. Robert Jacobs, Richard B ChasePublisher:McGraw-Hill Education 
Purchasing and Supply Chain ManagementOperations ManagementISBN:9781285869681Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. PattersonPublisher:Cengage Learning
Production and Operations Analysis, Seventh Editi...Operations ManagementISBN:9781478623069Author:Steven Nahmias, Tava Lennon OlsenPublisher:Waveland Press, Inc.
Practical Management Science
Operations Management
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:Cengage,
Operations Management
Operations Management
ISBN:9781259667473
Author:William J Stevenson
Publisher:McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi...
Operations Management
ISBN:9781259666100
Author:F. Robert Jacobs, Richard B Chase
Publisher:McGraw-Hill Education
Purchasing and Supply Chain Management
Operations Management
ISBN:9781285869681
Author:Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:Cengage Learning
Production and Operations Analysis, Seventh Editi...
Operations Management
ISBN:9781478623069
Author:Steven Nahmias, Tava Lennon Olsen
Publisher:Waveland Press, Inc.