SCENARIO 5-7 A Consulting Firm That Surveyed Consumers' Holiday Shopping Behavior Found

question 124

Short Answer

SCENARIO 5-7
A consulting firm that surveyed consumers' holiday shopping behavior found that the percentage of
consumers from the U.S., Canada, and China who said that they planned to spend more on holiday
shopping were 40%, 34% and 73%, respectively. The survey also found that the percentage of
consumers from the U.S., Canada, and China who said that they were willing to share personal
information with retailers in order to receive personalized offers from retailers were 55%, 46% and
72%, respectively. Suppose you randomly select 5 consumers from each of the three countries.
-Referring to Scenario 5-7, the probability that more than 4 consumers from the U.S. are willing
to share personal information with retailers in order to receive personalized offers from retailers is
________.

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Definitions:

Positioning

The process of establishing a brand or product in the mind of consumers by differentiating it from competitors.

Labeling

The practice of marking products with labels to provide consumers with information, such as ingredients, uses, and hazards.

Zoning

The regulation of land use by local government to designate specific areas for residential, commercial, or other types of development.

Competitive Advantage

The attributes that allow an organization to outperform its competitors, such as superior quality, innovation, or cost efficiency.