A company is trying to predict the long-run market share of a new men's deodorant. Based on initial marketing studies, the company believes that 40% of new purchasers in this market will ultimately try this brand, and of these, about 55% will purchase it in the future. Preliminary data also suggest that the brand will attract heavier-than-average buyers, such as those who exercise frequently and participate in sports, and that they will purchase about 20% more than the average buyer. Suppose that the estimate of the percentage of new purchasers who will ultimately try the brand is uncertain and assumed to be normally distributed with a mean of 40% and a standard deviation of 3%. Conduct a Monte Carlo simulation with 50 trials and compute summary statistics of the long-run market share. Click the icon to view a sample of 50 simulation trial results. For the Monte Carlo simulation, the value of Let T be the proportion of customers trying the brand, let R be the proportion of customers who repurchase, and let B be the buyer index, which is 1.0 for the average. Then the long run market share in terms of T, R, and B is is randomly generated using the Excel formula =NORM.INV(RANDO, 0:0). The values of the other two variables, in alphabetical order, are and | (Type integers or decimals. Do not round.) A company is trying to predict the long-run market share of a new men's deodorant. Based on initial marketing studies, the company believes that 40% of new purchasers in this market will ultimately try this brand, and of these, about 55% will purchase it in the future. Preliminary data also suggest that the brand will attract heavier-than-average buyers, such as those who exercise frequently and participate in sports, and that they will purchase about 20% more than the average buyer. Suppose that the estimate of the percentage of new purchasers who will ultimately try the brand is uncertain and assumed to be normally distributed with a mean of 40% and a standard deviation of 3%. Conduct a Monte Carlo simulation with 50 trials and compute summary statistics of the long-run market share. Click the icon to view a sample of 50 simulation trial results. For the Monte Carlo simulation, the value of Let T be the proportion of customers trying the brand, let R be the proportion of customers who repurchase, and let B be the buyer index, which is 1.0 for the average. Then the long run market share in terms of T, R, and B is is randomly generated using the Excel formula =NORM.INV(RANDO, 0:0). The values of the other two variables, in alphabetical order, are and | (Type integers or decimals. Do not round.)
