A Catalog Company That Receives the Majority of Its Orders

question 84

Multiple Choice

A catalog company that receives the majority of its orders by telephone conducted a study to determine how long customers were willing to wait on hold before ordering a product.The length of waiting time was found to be a variable best approximated by an exponential distribution with a mean length of waiting time equal to 3 minutes (i.e.the mean number of calls answered in a minute is ) .What proportion of customers having to hold more than 1.5 minutes will hang up before placing an order?

• A)0.86466
• B)0.60653
• C)0.39347
• D)0.13534

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Definitions:

Strategic Hypothesizing

Formulating assumptions or educated guesses about strategic moves or market outcomes that guide decision-making processes.

Brain Scanning

The use of various medical imaging technologies to study the structure and function of the brain for research and clinical diagnosis.

Buying Processes

The series of steps consumers or organizations follow to make a purchase decision, including need recognition, information search, evaluation, and the purchase decision.

Martin Lindstrom

A recognized authority in branding and consumer behavior, known for his writings and insights on how companies can create impactful brands.