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A company is trying to predict the long-run market share of a new men's deodorant. Based on initial marketing studies, they believe that 40%
A company is trying to predict the long-run market share of a new men's deodorant. Based on initial marketing studies, they believe that 40% of new purchasers in this market will ultimately try this brand, and of these, about 60% 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 15% more than the average buyer. Complete parts a and b. a. Calculate the long-run market share that the company can anticipate under these assumptions. The long-run market share is (Type an integer or a decimal rounded to three decimal places as needed.)
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