Question: On an average every day, Store A, Store B and Store C get 300, 200 and 150 customers respectively. In Arlington, three grocery stores are
- On an average every day, Store A, Store B and Store C get 300, 200 and 150 customers respectively.
- In Arlington, three grocery stores are competing each other. Here is the market data for the three grocery stores. Next day (The following information is for transitional probability matrix) a.65% of the customers come back to Store C, 20% of them go to Store A, and 15% of them go to Store b.90% of the Store B customers come back to Store B, 5% of them go to Store A and 5% of them go to store c. 80% of the Store A customers come back to Store A, 15% of them go to Store B and 5% go to store C
Using the above information, calculate the probability of customers (% or number) going to Store A, Store B and Store C for Day 1, and Day 2 using Matrix Algebra Approach. What market share values hold Store A, B and C based on Day 2 analysis
Note: Use the formula X1 = X0 P (for Day 1), X2 = X1 P (for Day 2)
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