Cosmetic Brand Preference Using ANOVA: Single Factor
Author: Undru Shreeya
F4 2024-26 – 021330024392, ITM Business School, Kharghar, Maharashtra, India
Introduction: This report aims to understand the preferences of students at ITM Business School regarding four major beauty brands: Rare Beauty, Lakmé, Maybelline, and L’OréalParis. Each brand is known for its distinct characteristics, with Rare Beauty focusing on inclusivity, Lakmé offering affordability, Maybelline leading in trendy products, and L’Oréal Paris excelling in innovation. By analyzing students’ preferences, this report will provide insights into brand perceptions and key factors influencing their beauty product choices
Objective: To find out if there are significant differences in the preferences (ratings) of ITM students for the mentioned Cosmetic Brands.
Data Collection: Students of ITM Business School were surveyed. Each student rated four Cosmetic brands i.e. Rare Beauty, Lakmé, Maybelline, and L’Oréal Paris on a scale of 1 to 10, where 1 indicates low preference and 10 indicates high preference. The ratings for each cosmetic brands were recorded for analysis
Data Analysis: The ANOVA: Single Factor test was performed to compare the means of the ratings across the four cosmetic brands
The hypotheses for the test are:
Null Hypothesis (H0): There is no significant difference in the average ratings of Rare Beauty, Lakmé, Maybelline, and L’Oréal Paris
Alternate Hypothesis (H1): At least one of the Cosmetic Brand has a significantly different average rating.
The results of carrying out ANOVA: Single Factor test is shown below
|
ANOVA |
|
|
|
|
|
|
|
Source of Variation |
SS |
df |
MS |
F |
P-value |
F crit |
|
Between Groups |
8.114583 |
3 |
2.704861 |
3.144989 |
0.028893 |
2.703594 |
|
Within Groups |
79.125 |
92 |
0.860054 |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
87.23958 |
95 |
|
|
|
|
Since the P-value is 0.02 which is smaller than the standard significance level of 0.05, we reject the null hypothesis
Conclusion: There is at least one cosmetic brand which has a significant difference in the ratings given by the students of ITM. Therefore, all are not the same.