Question: PROBLEMS - - PARTIAL For the following three business situations please identify whether the probability distribution to be used to model the situation is Binomial,
PROBLEMS PARTIAL
For the following three business situations please identify whether the probability distribution to be used to model the situation is Binomial, Poisson, or some other distribution you do not need to identify this if it is not Binomial or Poisson distribution, just state that it is an unknown distribution and for each situation justify your choice of the probability distribution by listing the requirements of the distribution and how they are met.You are not required to solve these problems points
Any profitmaximizing firm would like a larger share of the market. The advertising campaign in different communications media is the most effective method to reach the consumers. Chuck Atwood, Optico Corporations sales manager, recently concluded a sixmonth advertising campaign which featured a series of ads in major business periodicals. The firms advertising agency assured Optico management that of the purchasing agents in the target industries would be aware of the campaign. At a recent sales convention, only of the purchasing agents whom Chuck Atwood questioned could remember seeing any of the ads. Should Optico undertake a more detailed and expensive study of the advertising agencys claim? Why?
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