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A marketing manager says that there is a relationship between the marketing budget and sales volume. He provided the following table of the marketing budget (in thousand $) and the amount of sales (in million $). He insists that if the marketing budget increases to 23, 25, and 27 thousand dollars, the sales will increase accordingly. Is he correct? To support your answer, you may need to use Microsoft Excel to:
1. Put the data in the spreadsheet.
2. Decide between the marketing budget and the sales amount—which one depends on the other (x and y of the curve).
3. Plot the marketing budget versus sales volume.Use the Microsoft Trendline data analysis tool to:
4. Determine the curve that best fits the plotted data and the curve equation.
5. Find out the R2 value. The closer to 1, the stronger the relationship.
Analyze the result.
Marketing Budget (in thousand $) | Sales Amount (in million $) |
10 | 260 |
12 | 410 |
13 | 515 |
14 | 580 |
15 | 680 |
17 | 707 |
20 | 750 |
23 | 640 |
25 | 510 |
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