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

question 13

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 any of the three countries,
what is the probability that the consumer is from the U.S. or China who plans 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:

Pension Plans

Financial programs that provide income during retirement, funded through contributions from employers, employees, or both.

Corporate Scorekeeping

The practice of monitoring and recording the financial and operational performance indicators of a company.

Organizational Strategy

A plan of action designed by management to achieve specific long-term goals and objectives, shaping the company's direction and scope.

Benchmarking Partners

Organizations a company compares itself to for the purpose of measuring and improving performance, quality, or processes.