Question

In one hundred words, discuss the importance of hypothesis testing in taste test studies that companies use to compare their products with their competitors.

Answer 1

Hypothesis testing gives realistic view whether the companies have excellent product offerings as compared to the competitors or not.

For example: To test a hypothesis, Null hypothesis can be created as,

P&G products have less demand in Asian countries than Unilever and other FMCG companies. But, this can be tested to be contradicting and alternate hypothesis will be true.

Hypothesis provides more confidence to researcher while achieving any solution for complex problems through survey or data collection. It shapes some hypothetical conditioning for the research objectives to be tested via various research tools and techniques. It provides the significance of the research topic in more simplified way to the users.