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7. A company is considering using Markov theory to analyse consumers switching between the five different brands of washing aids which it markets. All of these washing aids are designed to make washed clothes clean and fresh, but use different approaches. Two of these aids (A and B), are powder based. A further two (C and D), are based on liquid filled tablets. The final aid (E) is just liquid based. The current market shares for the five washing aids are 10%, 20%, 35%, 25% and 10% for aids A,B,C,D and E respectively. Market research has produced the data shown below for the probability of customers switching between washing aids every six months. To washing aid A B C D E From A 1 0 0 0 0 washing B aid 0.37 0.17 0.07 0.39 0 C 0 0 1 0 0 D 0.38 0.20 0.13 0.29 0 E 0 0 0 1 0 Here, for example, there is a probability of 0.07 that a customer switches from aid B to aid C. (a) Copy the following table into your answer and fill in the market shares for these brands after six months. A B C D E Market share (%, 2dp)

7. A company is considering using Markov theory to analyse consumers switching between the five different brands of washing aids which it markets. All of these washing aids are designed to make washed clothes clean and fresh, but use different approaches. Two of these aids (A and B), are powder based. A further two (C and D), are based on liquid filled tablets. The final aid (E) is just liquid based. The current market shares for the five washing aids are 10%, 20%, 35%, 25% and 10% for aids A,B,C,D and E respectively. Market research has produced the data shown below for the probability of customers switching between washing aids every six months. To washing aid A B C D E From A 1 0 0 0 0 washing B aid 0.37 0.17 0.07 0.39 0 C 0 0 1 0 0 D 0.38 0.20 0.13 0.29 0 E 0 0 0 1 0 Here, for example, there is a probability of 0.07 that a customer switches from aid B to aid C. (a) Copy the following table into your answer and fill in the market shares for these brands after six months. A B C D E Market share (%, 2dp)

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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7. A company is considering using Markov theory to analyse consumers switching between the five different brands of washing aids which it markets. All of these washing aids are designed to make washed clothes clean and fresh, but use different approaches. Two of these aids (A and B), are powder based. A further two (C and D), are based on liquid filled tablets. The final aid (E) is just liquid based. The current market shares for the five washing aids are 10%, 20%, 35%, 25% and 10% for aids A,B,C,D and E respectively. Market research has produced the data shown below for the probability of customers switching between washing aids every six months. To washing aid A B C D E From A 1 0 0 0 0 washing B aid 0.37 0.17 0.07 0.39 0 C 0 0 1 0 0 D 0.38 0.20 0.13 0.29 0 E 0 0 0 1 0 Here, for example, there is a probability of 0.07 that a customer switches from aid B to aid C. (a) Copy the following table into your answer and fill in the market shares for these brands after six months. A B C D E Market share (%, 2dp)
Transcribed Image Text:7. A company is considering using Markov theory to analyse consumers switching between the five different brands of washing aids which it markets. All of these washing aids are designed to make washed clothes clean and fresh, but use different approaches. Two of these aids (A and B), are powder based. A further two (C and D), are based on liquid filled tablets. The final aid (E) is just liquid based. The current market shares for the five washing aids are 10%, 20%, 35%, 25% and 10% for aids A,B,C,D and E respectively. Market research has produced the data shown below for the probability of customers switching between washing aids every six months. To washing aid A B C D E From A 1 0 0 0 0 washing B aid 0.37 0.17 0.07 0.39 0 C 0 0 1 0 0 D 0.38 0.20 0.13 0.29 0 E 0 0 0 1 0 Here, for example, there is a probability of 0.07 that a customer switches from aid B to aid C. (a) Copy the following table into your answer and fill in the market shares for these brands after six months. A B C D E Market share (%, 2dp)
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