The data came from 126 Whole Foods stores over the 10 weeks between May 4 and July 13. There was a total of 1,386 observations.
Variable Definitions
1 Weekly Sales (Volume): The number of units sold per store per week.
2 Average Retail Price: The average retail price for GoodBelly products per store per week.
3 Sales Rep: Defined as 1 if the store had a regional sales rep (face-to-face contact) and 0 if the store had only the national sales rep (no face-to-face contact).
4 Endcap: Defined as 1 if a store participated in an endcap promotion.
5 Demo: Defined as 1 if the store had a demo on the corresponding week.
6 Demo1-3: Defined as 1 if the store had a demo 1-3 weeks ago.
7 Demo4-5: Defined as 1 if the store had a demo at least 4-5 weeks ago.
8 Natural Retailers: The number of other natural retailers within 5 miles of each store.
9 Fitness Centers: The number of fitness centers within 5 miles of each store.
Requirements to your assignment 1 Build a statistical model to explain the relationship between sales and the explanatory variables for GoodBelly's products.
2 Give an interpretation of each of the estimated regression coefficients and overall model. Hint: Apply t-test and explain which of the independent variables (if any) are statistically significant at the 0.05 level.
3 Do you think that the placement of the product within the store affect the sales? 4 What other factors affect the sales of GoodBelly's products? Based on the regression output, what are your recommendations to GoodBelly's products management? 5 Are there any suggections to improve and refine the model?