The Owner of a Small Convenience Store Is Trying to Decide

question 56

Essay

The owner of a small convenience store is trying to decide whether to discontinue selling magazines. He suspects that only 5% of the customers buy a magazine and thinks that he might be able to use the display space to sell something more profitable. Before making a final decision he decides that for one day he'll keep track of the number of customers and whether or not they buy a magazine.
-Assuming the owner is correct in thinking that 5% of the customers purchase magazines, how many customers should he expect before someone buys a magazine?

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Definitions:

Business Conventions

Established norms or practices within the business world that guide professional conduct, communication, and operations.

Widely Accepted Practices

Methods or procedures that are commonly recognized and adopted by the majority within a particular field or society.

Universal Application

A principle, tool, or solution that is applicable or usable in a wide range of scenarios or contexts.

Business Communication Problems

Challenges or obstacles in the exchange of information within a business environment, affecting operations and efficiency.