A study was conducted related to purchases of a new product

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FWT
Posts: 117
Joined: Sat Feb 28, 2009 8:53 pm

A study was conducted related to purchases of a new product

Postby FWT » Fri Jul 24, 2009 8:01 pm

A study was conducted related to purchases of a new product during the first month it was introduced to a small test market. The results were:

Forty percent of consumer in the test market bought the product in the first month. Of those who tried the product, 80% stated that they will continue to buy it; 30% of the people who did not purchase it during the first month stated that they will start buying it later on.

Using this information for the general market (and assuming the self-reporting to be accurate), find the percentage of consumer who will:

a) buy the product duing the first month
b) buy it during the first month and buy it again
c) buy it during the first month and not buy it again
d) not buy it during the first month but will buy it later
e) never buy the product

My answers:
a) 40%
b) 80% *40%
c) 40% - 80%*40%
d) 60%*30%
e) 100% - (b) - (c) - (d)

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stapel_eliz
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Postby stapel_eliz » Fri Jul 24, 2009 8:37 pm

Your set-up looks good. Now check to confirm that the values for the last four parts add up to "1" (since the listed options cover all possibilities). If the sum is right, then you can be pretty sure your values are right, too! :wink:

FWT
Posts: 117
Joined: Sat Feb 28, 2009 8:53 pm

Re: A study was conducted related to purchases of a new product

Postby FWT » Tue Jul 28, 2009 5:49 pm

They added up to 1. Thank you for confirming.


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