The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the following transition probabilities. To From Special B MDA Special B 0.90 0.10 MDA 0.02 0.98 (a)Which brand appears to have the most loyal customers? Explain. MDA has the most loyal

The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the following transition probabilities. To From Special B MDA Special B 0.90 0.10 MDA 0.02 0.98 (a)Which brand appears to have the most loyal customers? Explain. MDA has the most loyal

Elementary Linear Algebra (MindTap Course List)

8th Edition

ISBN:9781305658004

Author:Ron Larson

Publisher:Ron Larson

Chapter2: Matrices

Section2.5: Markov Chain

Problem 55E

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Concept explainers

Purchase Process

Purchasing refers to the act of procurement of products or services from a market of resources. The procedures used to accomplish the acquisition of the requisite resources are referred to as the purchasing process. Consumer behavior, customer strategy, product pricing, consumer necessity, and other variables are various parts of the process.

Question

The purchase patterns for two brands of toothpaste can be expressed as a Markov process with the following transition probabilities.

From	Special B	MDA
	To
Special B	0.90	0.10
MDA	0.02	0.98

(a)Which brand appears to have the most loyal customers? Explain.

MDA has the most loyal customers because ( ) %? stay with them and only ( ) %? switch to the other brand, as opposed to Special B where only ( )%? stay with them and ( )%? switch.

(b)

What are the projected market shares for the two brands? (Enter exact numbers as integers, fractions, or decimals.)

Special B?₁=?

MDA?₂=?

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