Kim McGIboney Homework Assignment LARKIN CORPORATION

Question # 00316543 Posted By: SVExpert Updated on: 06/11/2016 06:10 PM Due on: 07/11/2016
Subject Statistics Topic General Statistics Tutorials:
Question
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Kim McGIboney
Homework Assignment
LARKIN CORPORATION

Larkin Corporation conducted a test designed to evaluate the effectiveness of a new
television advertisement for one of its household products. The particular television
advertisement was shown in a test market for a two-week period. In a follow-up study,
randomly selected individuals were contacted by telephone and asked a series of questions
to determine whether they could recall the message in the television advertisement and how
likely they were to purchase the product. The test market study provided the following
probabilities:

Individual could recall the message

0.4

Individual could not recall the message

0.6

Further, response to the question of how likely they were to purchase the product provided
the following probabilities:
Purchase
IF

Definitely No Uncertain

Definitely Yes

Could recall the message

0.3

0.3

0.4

Could not recall the message

0.5

0.4

0.1

For example, if an individual could not recall the message there is a 10% chance
that they would definitely purchase the household product.

Larkin Corporation management is interested in knowing what is the
overall probability of an individual answering “definitely yes” to the
likelihood of purchase question using simulation for 1,000 trials?
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Tutorials for this Question
  1. Tutorial # 00311994 Posted By: SVExpert Posted on: 06/11/2016 06:10 PM
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    purchase the product. The test ...
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    Larkin_McGiboney.xlsx (11.5 KB)
    Larkin_McGiboney.xlsx (12.32 KB)
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