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Bicycle Store 2Wheels Notices That It Has a High Proportion

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Essay

Bicycle store 2Wheels notices that it has a high proportion of low-profit customers, but doesn't want to terminate the customer relationship. What can 2Wheels do to make these customers more profitable?


Definitions:

Consumer Survey

A method of collecting data directly from a targeted group of consumers to understand their preferences, behaviors, and opinions on products or services.

Experiment

A research method involving the manipulation of one variable to determine its effect on another variable while controlling for extraneous variables.

Unbiased Coins

A coin for which the probability of landing on heads or tails is exactly equal, with no preference towards either side.

Simple Events

Individual outcomes that are distinct and unambiguous in a probability experiment.

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