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    Hypothesis Testing and Market Research

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    Market researchers would like to know if customers prefer a well-known brand over a generic brand of soft drink. They give a large sample of people the two drinks to taste in a random order and ask them which one taste better. They find that 70% of people say the branded one and researchers compute a p-value of .02. Interpret this number.

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    The key to this is in the p-value. Essentially, the lower the p value, the more significant the results are thought to be. So is the p value is 0, ...

    Solution Summary

    This solution provides explanations for hypothesis testing in market research.