Marketing and Consumer Behavior
The Silicon Valley Bank Wine Report suggests that there is a relationship between wine sales and age group.22 A random sample of adults purchasing wine was obtained from various states. Each person was classified by generation and retail bottle price. The summary data are given in the following two-way table
a. Is there any evidence to suggest that generation and retail bottle price of the wine purchases are dependent? Use a = 0.05.
b. Find bounds on the p value. Use technology to confirm your answer and to find the exact p value.
c. Suppose you are marketing wine in a predominantly Millennial area. Using the table and the hypothesis test results as guides, how would you allocate your wine stock according to bottle price? Justify your answer.