TABLE 11-12 The Marketing Manager of a Company Producing a New Cereal

question 32

Short Answer

TABLE 11-12
The marketing manager of a company producing a new cereal aimed for children wants to examine the effect of the color and shape of the box's logo on the approval rating of the cereal. He combined 4 colors and 3 shapes to produce a total of 12 designs. Each logo was presented to 2 different groups (a total of 24 groups) and the approval rating for each was recorded and is shown below. The manager analyzed these data using the α = 0.05 level of significance for all inferences.

Analysis of Variance
Source df SS MS F p
Colors 3 2711.17 903.72 72.30 0.000
Shapes 2 579.00 289.50 23.16 0.000
Interaction 6 150.33 25.06 2.00 0.144
Error 12 150.00 12.50
Total 23 3590.50
-Referring to Table 11-12, the mean square for the factor color is ________.

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Definitions:

Inventory Costing Methods

The techniques used to value and account for inventory, including first-in-first-out (FIFO), last-in-first-out (LIFO), and weighted average cost methods.

Perpetual System

An inventory management method where inventory quantities and cost of goods sold are updated continuously with each sale or purchase.

Periodic System

A method of inventory valuation for financial reporting purposes where a physical count of the inventory is performed at specific intervals to determine the ending inventory balance and the cost of goods sold.

Merchandise Inventory

Goods or products that a retail or wholesale company holds for the purpose of selling them to customers.