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

question 154

Essay

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 any of the three countries,
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:

Trademark

A symbol, word, or phrase legally registered or established by use as representing a company or product, protecting the brand's identity.

Business-Generated Revenue

Income that a company earns from its activities, typically from the sale of goods or services to customers.

Sole Proprietorships

A business structure owned by one person, where there is no legal distinction between the owner and the business entity.

Partnerships

A lawful business structure involving two or more people who divide both the management responsibilities and the profits.