Find the steady-state vector for this market-that is, the long-range share of the market that each business
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A local business A has two competitors, B and C. No customer patronizes more than one of these businesses at the same time. Initially the probabilities that a customer patronizes A, B, or C are 0.2, 0.6, and 0.2, respectively. Suppose A initiates an advertising campaign to improve its business and finds the following transition matrix to describe the effect.
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Related Book For
Mathematical Applications for the Management Life and Social Sciences
ISBN: 978-1305108042
11th edition
Authors: Ronald J. Harshbarger, James J. Reynolds
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