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TV Promotion vs Sales
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In this project, we will be running a one-way ANOVA (Analysis of Variance) and post hoc test to test the difference of means among groups of marketing channels. We previously analysed the historical promotional data of a business that uses TV, social media, radio, and influencer promotion to increase sales. *Now, the stakeholders want to know if sales are significantly different among various TV and influencer promotion types.*
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To address this request, a one-way ANOVA test will enable you to determine if there is a statistically significant difference in sales among groups. This includes:
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- Using plots and descriptive statistics to select a categorical independent variable
- Creating and fitting a linear regression model with the selected categorical independent variable
- Checking model assumptions
- Performing and interpreting a one-way ANOVA test
- Comparing pairs of groups using an ANOVA post hoc test
- Interpreting model outputs and communicating the results to nontechnical stakeholders
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