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 30% 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 30% and a standard deviation of 4%. 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. 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. For the Monte Carlo simulation, the value of is randomly generated using the Excel formula =NORM.INV(RAND(), D.D). The values of the other two variables, in alphabetical order, are (Type integers or decimals. Do not round.) and A 1 2 3 20.54 20.04 19.81 4 22.03 5 16.49 17.44 6 7 7 8 17.55 21.34 9 13.78 10 11 21.37 20.09 16.61 12 13 16.6 14 19.26 15 23.4 16 22.78 23.9 17 18 21.06 19 19.61 21.93 17.92 21.32 20 21 22 23 24 25 19.12 23.1 26 20.1 16.87 19.89 20.72 18.74 27 28 29 30 31 32 33 34 35 36 37 38 39 40 22.07 22.4 20.1 19.9 20.68 22.27 23.67 22.04 22.48 19.55 19.29 18.63 41 42 43 26.68 14.76 44 19.27 45 24.24 46 47 20.72 21.58 14.19 48 49 17.4 22.22 50 51 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 30% 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 30% and a standard deviation of 4%. 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. 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. For the Monte Carlo simulation, the value of is randomly generated using the Excel formula =NORM.INV(RAND(), D.D). The values of the other two variables, in alphabetical order, are (Type integers or decimals. Do not round.) and A 1 2 3 20.54 20.04 19.81 4 22.03 5 16.49 17.44 6 7 7 8 17.55 21.34 9 13.78 10 11 21.37 20.09 16.61 12 13 16.6 14 19.26 15 23.4 16 22.78 23.9 17 18 21.06 19 19.61 21.93 17.92 21.32 20 21 22 23 24 25 19.12 23.1 26 20.1 16.87 19.89 20.72 18.74 27 28 29 30 31 32 33 34 35 36 37 38 39 40 22.07 22.4 20.1 19.9 20.68 22.27 23.67 22.04 22.48 19.55 19.29 18.63 41 42 43 26.68 14.76 44 19.27 45 24.24 46 47 20.72 21.58 14.19 48 49 17.4 22.22 50 51
