SCENARIO 4-12 A Consulting Firm That Surveyed Consumers' Holiday Shopping Behavior Found

question 132

Short Answer

SCENARIO 4-12
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. Assume that there are equal portions of consumers being surveyed from each of
the three countries, the survey results are good representations of the three populations of consumers,
and whether a consumer plans to spend more on holiday shopping is statistically independent of
whether he/she is willing to share personal information with retailers in order to receive personalized
offers from retailers.
-Referring to Scenario 4-12, if you randomly select a consumer from China, what is the
probability that the consumer does not plan to spend more on holiday shopping and is willing to
share personal information with retailers in order to receive personalized offers from retailers?

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Definitions:

Developing Nations

Countries with a lower standard of living, underdeveloped industrial base, and low Human Development Index relative to other countries.

IACs

International Agreements on Commodities, aimed at stabilizing commodity prices and ensuring fair trade practices.

Temporary Workers

Temporary workers are employed on a short-term basis, often through a staffing agency, to fill temporary positions or during peak business periods.

DVCs

Developing Venture Capitalists; alternatively, if intended to reference countries, this term is not correctly expanded.