Market share. Consumers can choose between three long distance telephone services: GTT, NCJ, and Dash. Aggressive marketing by all three companies results in a continual shift of customers among the three services. Each year. GTT loses 5 % of its customers to NCJ and 20 % to Dash. NCJ loses 15 % of its customers to GTT and 10 % to Dash, and Dash loses 5 % of its customers to GTT and 10 % to NCJ. Assuming that these percentages remain valid over a long period of time, what is each company's expected market share in the long run?
Market share. Consumers can choose between three long distance telephone services: GTT, NCJ, and Dash. Aggressive marketing by all three companies results in a continual shift of customers among the three services. Each year. GTT loses 5 % of its customers to NCJ and 20 % to Dash. NCJ loses 15 % of its customers to GTT and 10 % to Dash, and Dash loses 5 % of its customers to GTT and 10 % to NCJ. Assuming that these percentages remain valid over a long period of time, what is each company's expected market share in the long run?
Solution Summary: The author calculates the percentages of three long distance telephone company’s expected market share in long run, when the three companies are GTT,
Market share. Consumers can choose between three long distance telephone services: GTT, NCJ, and Dash. Aggressive marketing by all three companies results in a continual shift of customers among the three services. Each year. GTT loses
5
%
of its customers to NCJ and
20
%
to Dash. NCJ loses
15
%
of its customers to GTT and
10
%
to Dash, and Dash loses
5
%
of its customers to GTT and
10
%
to NCJ. Assuming that these percentages remain valid over a long period of time, what is each company's expected market share in the long run?
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Discrete Distributions: Binomial, Poisson and Hypergeometric | Statistics for Data Science; Author: Dr. Bharatendra Rai;https://www.youtube.com/watch?v=lHhyy4JMigg;License: Standard Youtube License