Probabilities of this marketing department information

In summary, the marketing department of a magazine collects the following information for a group of randomly selected subscribers. Of households that subscribe to at least one of their three magazines:25 subscribe to teen world only19 to star watch only15 to fashionz only41 to teen world and star watch28 to star watch and fashionz32 to teen world and fashionz11 to all three magazines.
  • #1
Draggu
102
0

Homework Statement



The marketing department of a magazine collects the following information for a group of randomly selected subscribers. Of households that subscribe to at least one of their three magazines:
25 subscribe to teen world only
19 to star watch only
15 to fashionz only
41 to teen world and star watch
28 to star watch and fashionz
32 to teen world and fashionz
11 to all three magazines
a) Illustrate with a venn diagram

b) Determine the probability that a randomly selected subscriber receives
i) all three magazines
ii) exactly two magazines
ii) at least two magazines
iv) Fashionz
v) star watch or teen world


Homework Equations





The Attempt at a Solution



b)

i) N(A)=11
N(S)=138

P(A)=11/138

ii) 21+17+30/138=34/69

iii) 21+17+30+11/138 = 79/139

iv) 15/138
v)
 
Physics news on Phys.org
  • #2


Draggu said:

Homework Statement



The marketing department of a magazine collects the following information for a group of randomly selected subscribers. Of households that subscribe to at least one of their three magazines:
25 subscribe to teen world only
19 to star watch only
15 to fashionz only
41 to teen world and star watch
28 to star watch and fashionz
32 to teen world and fashionz
11 to all three magazines
a) Illustrate with a venn diagram

b) Determine the probability that a randomly selected subscriber receives
i) all three magazines
ii) exactly two magazines
ii) at least two magazines
iv) Fashionz
v) star watch or teen world


Homework Equations





The Attempt at a Solution



b)

i) N(A)=11
N(S)=138

P(A)=11/138

ii) 21+17+30/138=34/69

iii) 21+17+30+11/138 = 79/139

iv) 15/138
v)


Here is the venn diagram btw.

http://i48.tinypic.com/2k4pdz.jpg
 
  • #3


Draggu said:

Homework Statement



The marketing department of a magazine collects the following information for a group of randomly selected subscribers. Of households that subscribe to at least one of their three magazines:
25 subscribe to teen world only
19 to star watch only
15 to fashionz only
41 to teen world and star watch
28 to star watch and fashionz
32 to teen world and fashionz
11 to all three magazines
a) Illustrate with a venn diagram

b) Determine the probability that a randomly selected subscriber receives
i) all three magazines
ii) exactly two magazines
ii) at least two magazines
iv) Fashionz
v) star watch or teen world


Homework Equations





The Attempt at a Solution



b)

i) N(A)=11
N(S)=138

P(A)=11/138

ii) 21+17+30/138=34/69

iii) 21+17+30+11/138 = 79/139

iv) 15/138
v)

Please follow the plan that is introduced as the first topic of this section, i assume you didnt understand v part?? If you can clarify tha part that you didnt understand i can help you in a better way.

For the v part) (taking reference of your venn diagram in the link) 30 people is subscribed to both teen and and star,19 is subscribed to only star and 25 for the teen.So the probabilty of chosing someone that is subscribed to "teen or star" is:

19 plus 30 plus 25 over total number of people.
 
  • #4


for iii) you should have 79/138 instead of 79/139 (probably a typo)
for iv) the question was not "who subscribes only to fashionz" but "who subscribes to fashionz, any other subscribtions or the lack thereof are irrelevant"
 

1. What is the purpose of calculating probabilities in marketing?

The purpose of calculating probabilities in marketing is to predict the likelihood of certain outcomes, such as the success of a marketing campaign or the probability of a customer making a purchase. This information can then be used to make data-driven decisions and optimize marketing strategies.

2. How are probabilities calculated in the marketing department?

Probabilities in the marketing department are typically calculated using historical data and statistical methods, such as regression analysis and machine learning algorithms. These calculations take into account various factors such as customer behavior, market trends, and campaign effectiveness.

3. What types of probabilities are commonly used in marketing?

There are several types of probabilities commonly used in marketing, including conversion probability (likelihood of a customer making a purchase), churn probability (likelihood of a customer leaving), retention probability (likelihood of a customer staying), and response probability (likelihood of a customer responding to a marketing campaign).

4. How accurate are probabilities in predicting marketing outcomes?

The accuracy of probabilities in predicting marketing outcomes can vary depending on the quality and quantity of data used, as well as the statistical methods and assumptions made. However, with the advancements in technology and data analysis, probabilities can be highly accurate in predicting marketing outcomes.

5. How can probabilities be used to improve marketing strategies?

Probabilities can be used to improve marketing strategies by providing insights into customer behavior, identifying the most effective marketing channels and tactics, and optimizing campaigns for better results. By understanding the probabilities of certain outcomes, marketers can make data-driven decisions that can lead to more successful and efficient marketing efforts.

Similar threads

  • Precalculus Mathematics Homework Help
Replies
5
Views
4K
  • Science and Math Textbooks
Replies
1
Views
1K
  • Precalculus Mathematics Homework Help
Replies
1
Views
2K
  • Quantum Interpretations and Foundations
Replies
25
Views
1K
  • Beyond the Standard Models
Replies
6
Views
378
  • Precalculus Mathematics Homework Help
Replies
3
Views
5K
  • Classical Physics
Replies
18
Views
2K
Replies
10
Views
2K
  • Math Proof Training and Practice
4
Replies
116
Views
15K
  • Programming and Computer Science
Replies
29
Views
3K
Back
Top