7th Edition

ISBN: 9780134462783

Author: STEPHAN

Publisher: PEARSON CUSTOM PUB.(CONSIGNMENT)

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Textbook Question

Chapter 4, Problem 4.33AC

A banking executive is studying the role of trust in creating customer advocates, and how valuable trust is to the overall banking relationship. Based on study results, the executive has determined that 44% of banking customers haveÂ complete trustÂ in their primary financial institution, 49% of banking customers haveÂ moderate trustÂ in their primary financial institution, and 7% haveÂ minimalÂ orÂ no trustÂ in their primary financial institution. Of the banking customers that haveÂ complete trustÂ in their primary financial institution, 68% are very likely to recommend their primary financial institution; of the banking customers that haveÂ moderate trustÂ in their primary financial institution, 20% are very likely to recommend their primary financial institution; and of the banking customers that haveÂ minimalÂ orÂ no trustÂ in their primary financial institution, 3% are very likely to recommend their primary financial institution. (Data extracted from “Global Consumer Banking Survey-2014,”Â bit.ly/1gwJJuT.)

Compute the probability that if the banking customer indicates he or she is very likely to recommend his or her primary financial institution, the banking customer also hasÂ complete trustÂ in his or her primary financial institution.
Compute the probability that the banking customer is very likely to recommend his or her primary financial institution.

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Chapter 4, Problem 4.32AC

Chapter 4, Problem 4.34AC

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Chapter 4 Solutions

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Solution Summary: The author calculates the probability that a consumer will recommend her primary financial institution if she has also had trust in his or her institution.

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