The person working in the capacity of CaraMilk marketing manager before you, has left you with a small set of panel data capturing the purchases of chocolate brands for 60 consumers. Although it is not a very large data set, you decided to analyze it to understand a little bit more about CaraMilk’s main competitors and, more generally, consumer behavior in terms of buying chocolate.
Using the Excel data provided and considering the content of Week 6 lecture, please complete the following template with the results of your calculations (present your results raked by market share, with the largest/most popular brand at the top).
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Market share (%)
Now, please answer the following questions (each question should be approximately 150-200 words and include appropriate in-text referencing).
1. Describe the key patterns that can be observed in the above results.
2. On the basis of the results of your analysis, what key facts about consumer behavior discussed in the lecture could you confirm?
3. Discuss the main advantages and disadvantages of panel data.
4. What are empirical generalizations and why are they important to understanding consumer behavior? Include an example of empirical generalizations discussed in the lecture, which you can see in your calculations.
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