After the Opening of a New Store in a City

question 5

Multiple Choice

After the opening of a new store in a city district, experts believed that the average price of a number of marketable goods would decrease. To check if this is the case, a researcher collected data from 23 district shops. The researcher conducts a signed-rank sum test and obtains, that the signed-rank statistic is 88. Assuming that the sample is large enough, make a conclusion about the probability of a decrease in the price.

• A) The normal approximation of this study gives z = 1.34 and the probability that the price has not decreased is about P = 0.0901.
• B) The normal approximation of this study gives z = 1.34 and the probability that the price has not decreased is about P = 0.9099.
• C) The normal approximation of this study gives z = 0.05 and the probability that the price has not decreased is about P = 0.4801.
• D) The normal approximation of this study gives z = 0.05 and the probability that the price has not decreased is about P = 0.5199.

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Definitions:

Marketing Objectives

The specific goals set by a company as part of its marketing plan, which may include increasing brand awareness, sales, market share, or customer loyalty.

Strategy Canvas

A strategic management tool used for comparing current market positions of companies and to visualize strategies in uncontested market spaces.

Four Actions Framework

A strategic model used in business to create new value for customers and differentiate from competitors by systematically considering which factors to eliminate, reduce, raise, and create.

Strategic Focus

A business approach that involves prioritizing and concentrating efforts and resources on the most critical areas that will drive success.