Businesses will use often competitions as part of their marketing strategies to attract customers and boost...

Transcribed Image Text:

Businesses will use often competitions as part of their marketing strategies to attract customers and boost sales. One strategy used is to give consumers the chance to "win instantly" when they purchase a product. An example of this was the Cadbury promotion where consumers who purchased a Cadbury bar had a one in six chance of winning another Cadbury bar. A more recent promotion by Cadbury was very similar with the chance that 1 in 6 bars winning a prize. 16 WINS PRICES UP FOR GRA https://www.ebargain.com.au/node/3324341628.j FREE BARS! 1 IN 6 WINS INSTANTLY https://www.ottos.com.au/competitions-archive/20030930-mars: free-bars-win-1-of-2-871-959-chocolates-1-in-6-wits The aim of this investigation is to explore people's expectations of being successful or "winning" if the probability of a successful outcome is one in four. A group of 100 Year 11 and 12 students were surveyed to gain data about their expectation of winning. This expectation will be discussed in relation to a mathematical model which simulates the opportunity to win a prize by purchasing a product and the theoretical probabilities associated with the random process. The following survey questions were sent to group of 100 Year 11 and 12 students to collect data about their expectations of the frequency of winning if told that 1 in 4 are winning chocolate bars. Survey Questions: 1. "How many chocolate bars do you think you would need to buy to expect to win at least once?" 2. "If you bought 20 chocolate bars, how many winners would you expect?" 3. "Would you expect this result every time you purchase 20 chocolate bars?" 4. "If you buy 4 chocolate bars every week for a year (52 times), on how many occasions would you expect to get at least one prize from the 4 chocolate bars?" 5. "Consider that you did not win anything from your 4 chocolate bars the first week. After how many weeks of "no wins" would you stop buying your weekly chocolate bars?" 6. "Lucky Luke bought 4 chocolate bars every week for a year and recorded how many times he got the expected 1 winning chocolate bar or more from his 4 chocolate bars." How many weeks out of 52 with no wins do you think would be evidence to suggest that the '1 in 4" claim is false?" Page 2 Knowledge and Procedures PART 1 Answer the survey questions and briefly explain your response to each question. Compare your answers to the student responses to each question. (see Appendix 1) Briefly outline your thoughts on competitions of this type and its strengths and limitations from a business perspective. APPENDIX 1: Survey Results Survey Question 1 "How many chocolate bars do you think you would need to buy to expect to win at least once?" Student Survey Responses No. of chocolate bars Frequency No. of chocolate bars Frequency Survey Question 2 "If you bought 20 chocolate bars, how many winners would you expect?" Student Survey Responses Response Frequency YES 13 1 9 No. of weeks Frequency 0 9 Survey Question 3 "Would you expect this result every time you purchase 20 chocolate bars?" Student Survey Responses No. of occasions About 50 About 40 Frequency 24 20 1 4 No. of weeks Frequency 2 NO 80 0-10 37 1 11 2 10 Survey Question 4 "If you buy 4 chocolate bars every week for a year (52 times), on how many occasions would you expect to get at least one prize from the 4 chocolate bars?" Student Survey Responses 11-20 15 3 11 5 67 3 Survey Question S "Consider that you did not win anything from your 4 chocolate bars the first week. After how many weeks of "no wins" would you stop buying your weekly chocolate bars?" Student Survey Responses About 30 15 21-30 9 62 7 9 31-40 3 About 20 14 5 Survey Question 6 Lucky Luke "Lucky Luke bought 4 chocolate bars every week for a year and recorded how many times he got the expected the expected 1 winning chocolate bar or more from his 4 chocolate bars." 41-50 3 >4 15 1 How many weeks out of 52 with no wins do you think would be evidence to suggest that the "2 in 4" claim is false?" Student Survey Responses >7 4 10 or less 27 51-60 6 Other 16 Other 5 Page 7 Businesses will use often competitions as part of their marketing strategies to attract customers and boost sales. One strategy used is to give consumers the chance to "win instantly" when they purchase a product. An example of this was the Cadbury promotion where consumers who purchased a Cadbury bar had a one in six chance of winning another Cadbury bar. A more recent promotion by Cadbury was very similar with the chance that 1 in 6 bars winning a prize. 16 WINS PRICES UP FOR GRA https://www.ebargain.com.au/node/3324341628.j FREE BARS! 1 IN 6 WINS INSTANTLY https://www.ottos.com.au/competitions-archive/20030930-mars: free-bars-win-1-of-2-871-959-chocolates-1-in-6-wits The aim of this investigation is to explore people's expectations of being successful or "winning" if the probability of a successful outcome is one in four. A group of 100 Year 11 and 12 students were surveyed to gain data about their expectation of winning. This expectation will be discussed in relation to a mathematical model which simulates the opportunity to win a prize by purchasing a product and the theoretical probabilities associated with the random process. The following survey questions were sent to group of 100 Year 11 and 12 students to collect data about their expectations of the frequency of winning if told that 1 in 4 are winning chocolate bars. Survey Questions: 1. "How many chocolate bars do you think you would need to buy to expect to win at least once?" 2. "If you bought 20 chocolate bars, how many winners would you expect?" 3. "Would you expect this result every time you purchase 20 chocolate bars?" 4. "If you buy 4 chocolate bars every week for a year (52 times), on how many occasions would you expect to get at least one prize from the 4 chocolate bars?" 5. "Consider that you did not win anything from your 4 chocolate bars the first week. After how many weeks of "no wins" would you stop buying your weekly chocolate bars?" 6. "Lucky Luke bought 4 chocolate bars every week for a year and recorded how many times he got the expected 1 winning chocolate bar or more from his 4 chocolate bars." How many weeks out of 52 with no wins do you think would be evidence to suggest that the '1 in 4" claim is false?" Page 2 Knowledge and Procedures PART 1 Answer the survey questions and briefly explain your response to each question. Compare your answers to the student responses to each question. (see Appendix 1) Briefly outline your thoughts on competitions of this type and its strengths and limitations from a business perspective. APPENDIX 1: Survey Results Survey Question 1 "How many chocolate bars do you think you would need to buy to expect to win at least once?" Student Survey Responses No. of chocolate bars Frequency No. of chocolate bars Frequency Survey Question 2 "If you bought 20 chocolate bars, how many winners would you expect?" Student Survey Responses Response Frequency YES 13 1 9 No. of weeks Frequency 0 9 Survey Question 3 "Would you expect this result every time you purchase 20 chocolate bars?" Student Survey Responses No. of occasions About 50 About 40 Frequency 24 20 1 4 No. of weeks Frequency 2 NO 80 0-10 37 1 11 2 10 Survey Question 4 "If you buy 4 chocolate bars every week for a year (52 times), on how many occasions would you expect to get at least one prize from the 4 chocolate bars?" Student Survey Responses 11-20 15 3 11 5 67 3 Survey Question S "Consider that you did not win anything from your 4 chocolate bars the first week. After how many weeks of "no wins" would you stop buying your weekly chocolate bars?" Student Survey Responses About 30 15 21-30 9 62 7 9 31-40 3 About 20 14 5 Survey Question 6 Lucky Luke "Lucky Luke bought 4 chocolate bars every week for a year and recorded how many times he got the expected the expected 1 winning chocolate bar or more from his 4 chocolate bars." 41-50 3 >4 15 1 How many weeks out of 52 with no wins do you think would be evidence to suggest that the "2 in 4" claim is false?" Student Survey Responses >7 4 10 or less 27 51-60 6 Other 16 Other 5 Page 7

Answer rating: 100% (QA)

Question 1 How many chocolate bars do you think you would need to buy to expect to win at least once The expected value of winning is 1 in 4so you wou... View the full answer