A large consumer goods company ran a television advertisement for one of its soap products. On...
A large consumer goods company ran a television advertisement for one of its soap products. On the basis of a survey that was conducted, probabilities were assigned to the following events.
B = individual purchased the product
S = Individiual recalls seeing the advertisement
B∩S = individual purchased the product and recalls seeing the advertisement
The probabilities assigned were ,P(B) = 0.20, P(S) = 0.40 and P(B∩S) = 0.12
b. Assume that individuals who do not purchase the company’s soap product buy from its competitors. What would be your estimate of the company’s market share (to the nearest whole number)?
Homework Answers
Answer:-
Given That:-
A large consumer goods company ran a television advertisement for one of its soap products. On the basis of a survey that was conducted, probabilities were assigned to the following events.
B = individual purchased the product
S = Individual recalls seeing the advertisement
B∩S = individual purchased the product and recalls seeing the advertisement
The probabilities assigned were ,P(B) = 0.20, P(S) = 0.40 and P(B∩S) = 0.12
we are given that , 
The probability that an individual's purchasing the product given that the individual recalls seeing the advertisement is
yes , Individual seeing an advertisement increase the probability from 0.20 to 0.30
Hence,we would recommend continuing the advertisement
(b)Assume that individuals who do not purchase the company’s soap product buy from its competitors.
The company's market share ,
Yes, Continuing the advertisement will increase the company 's
market share from 
part c to that is :
c. The company also tested another advertisement and assigned it values of P(s)=0.30 and P(b^S)=0.10. What is P(BlS) for this other advertisement (to 3 decimals)?
0.10/0.30=0.333
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