Formulate a regression model for consumer preferences that you would test. That is, you need to decide what factors (Xs) you would put in the equation.
Consumer preference = a + b1X1 + b2X2 + b3X3 + …+bkXk
As far as consumer preferences are concerned, the variables that will need to be considered in this regards include price preferences, design preferences, software preferences, hardware preferences, hardware-software combination preferences, and peripheral preferences.
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The reasons for each are as follows:
• Price preferences: the consumers are price conscious as far as Lenovo is concerned and price would have an impact on sales and have to be competitive or customers will buy more renowned brands.
• Design preferences: Consumers today are very conscious of the style statement that they make and the designs on offer will surely impact sales.
• Software preferences: Software that is present with the machine makes a difference as consumers don’t have to go into the hassle of downloading and installing basic programs prior to use.
• Hardware preferences: consumers will also want to look at the hardware that is available on offer from Lenovo in comparison to other brands.
• Hardware-software combination preferences: this again is important in order for the computer to be properly coordinated and running smooth.
• Peripheral preferences: peripherals that increase ergonomics can also be a factor in choosing laptops for heavy users.
Image of Lenovo’s laptops = a + b1X1 + b2X2 + b3X3 + …+bkXk