A company is trying to predict the long-run market share of a new men's deodorant Based on initial marketing studes, the company believes that 30% of new purchasers in this market will ultimately try this brand, and of these, about 65% will purchase it in the future. Preliminary data also suggest that the brand will attract heavier-than-average beyers, such as those who exercise frequently and participate in spots, and that they will purchase about 25% more than the average buyer. Suppose that the estimate of the percentage of new purchasers who will ullimately try the brand is uncestain and assumed io be normally distributed with a mean of 30% and a standard deviation of 4% Conduct a Monte Carlo simulation with 50 trials and compute summary statistics of then long-run market share Click the icon to view a sample of 50 simulation trial resutts Let T be the propertion of customers trying the brand, lot R be the proportion of customers who repurchase, and let 8 be the buyer index, which is 10 for the average. Then the long run market share in terms of T,R. and B is For the Monte Carlo simadation, the value of h randomly gonetaled using the Excel formela sNOPM INV(RANDO) values of the other two variables, in alphabetical order, are and (Type integers or decimals. Do not round) Simulation Results A company is trying to predict the long-run market share of a new men's deodorant Based on initial marketing studes, the company believes that 30% of new purchasers in this market will ultimately try this brand, and of these, about 65% will purchase it in the future. Preliminary data also suggest that the brand will attract heavier-than-average beyers, such as those who exercise frequently and participate in spots, and that they will purchase about 25% more than the average buyer. Suppose that the estimate of the percentage of new purchasers who will ullimately try the brand is uncestain and assumed io be normally distributed with a mean of 30% and a standard deviation of 4% Conduct a Monte Carlo simulation with 50 trials and compute summary statistics of then long-run market share Click the icon to view a sample of 50 simulation trial resutts Let T be the propertion of customers trying the brand, lot R be the proportion of customers who repurchase, and let 8 be the buyer index, which is 10 for the average. Then the long run market share in terms of T,R. and B is For the Monte Carlo simadation, the value of h randomly gonetaled using the Excel formela sNOPM INV(RANDO) values of the other two variables, in alphabetical order, are and (Type integers or decimals. Do not round) Simulation Results
