Consider an example where a company initially has a 10% market share. Using an advertising campaign, the probability of a customer will use and stick to the company brand is 80%. On the other hand, the probability of a customers that uses the other Brand is 40%. Question: If the probabilities remain valid over a long period of time, What happens to the companies market share?

Consider an example where a company initially has a 10% market share. Using an advertising campaign, the probability of a customer will use and stick to the company brand is 80%. On the other hand, the probability of a customers that uses the other Brand is 40%. Question: If the probabilities remain valid over a long period of time, What happens to the companies market share?

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...

See similar textbooks

Similar questions

You are going to play two games. The probability you win the first game is 0.60. If you win the first game, the probability you will win the second game is 0.75. If lose the first game, the probability you win the second game is 0.55. What is the probability you win exactly one game?
A daycare provider has determined that 80% of the children in her care develop colds each winter. This year there are 40 children at the daycare. What is the probability that fewer than 30 children will develops colds this winter? Please explain. Options A. 0.2148 B. 0.2852 C. 0.5704 D. 0.4297
You are interested in the number of people that will visit your restaurant in the noon hour. Historically, there is a 10% chance that more than 10 customers will visit, a 30% chance that more than 8 customers will visit, a 50% chance that more than 6 customers will visit, a 80% chance that more than 4 customers will visit, and a 95% chance that at least 2 customers will visit during the noon hour. What is the probability that 4 or less customers will visit the restaurant -- the number required to break even financially for the day?Express your answer as a percent value. So if your answer is 100% for example, enter 100. Round your answer to the nearest percent.
Money bills are frequently printed with defects. The probability that a bill's front side has a defect is 2 percent, the probability that a bill's back side has a defect is 4 percent, and the probability that a bill has defects on both sides is 1 percent. What is the probability that a bill will have a defect on the front, given that it has a defect on its back?
The professor has taught basic statistics for several years. He knows that 80% of the students will finish the assigned problems. Also that among those who do their homework, 90% will pass the course. Among those who do not do their homework, 60% will pass the course. A student He took statistics last semester with the professor and passed. Which is the probability that you have completed your tasks?
Your favorite team is in the World Series. You have assigned a probability of 63% that they will win the championship. Past records indicate that when teams win the championship, they win the first game of the series 69% of the time. When they lose the championship, they win the first game 22% of the time. The first game is over and your team has lost. What is the probability that they will win the World Series?
At the close of the stock markets on a day in 2013, there were 5905 companies listed with a certain stock exchange. On this day, the probabilities of advancing, declining, and unchanged company stocks appears in the table for the two exchanges. Find the probability an unchanged stock was listed on Exchange 1. Exchange Exchange 1 Exchange 2 Percentage of Probability of Probability of Stock Stock Companies Listed Advancing Declining 0.045 0.267 0.047 0.297 54.4% 45.6% The probability that an unchanged stock was listed on Exchange 1 is (Round to three decimal places as needed.) Probability the Stocks Remain Unchanged 0.045 0.047
Solve c,d
The probability that a patient does not recover from a certain disease is 9%. Suppose 19 people are known to have contracted this disease. How many of the 19 patients on average can we expect to recover ?
Dystopia county has three bridges. In the next year, the Elder bridge has a 10% chance of collapse, the Younger bridge has a 2% chance of collapse, and the Ancient bridge has a 16% chance of collapse. What is the probability that exactly one of these bridges will collapse in the next year? (Round your final answer to four decimal places. Do not round intermediate calculations.)
In the World Cup Soccer Match, the average is 2.7 goals per game. In a particular game, What is the probability of having more than 3 goals?
A local radio station is staging a concert; it isn’t sure what music the band will play or how big the crowd will be. The table below shows the estimated profit from sales (in thousands of dollars) to the station depending on audience size and the type of music played (for example, if a “small” audience and classic rock, they will make $100K). What is the probability that the audience size is not moderate? Which type of music gives the station the greatest chance of making $250K or greater from the concert?