A brand manager for a soft drink firm is doing competitive analysis on marketing communications patterns. The firm's major competitor generally uses four means of communication with customers: television advertising, radio advertising, magazine advertising (with coupons), and newspaper advertising inserts (with coupons). The total number of each used over the last two months for the competitor's regular and diet drinks is as follows. Type\Media Television Radio Magazines Newspapers Total Regular 110 52 7 36 205 Diet 80 85 4 48 217 Total 190 137 11 84 422
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
Tree diagram
Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
