A market research group has been studying the buying patterns for three competing
Chapter 3, Problem 8(choose chapter or problem)
A market research group has been studying the buying patterns for three competing products I, II, and III. The results of the analysis are described by the following matrix A. I [ 80% A= 5% 15% (from) II 20% 75% 5% m (to) 5% ] I 5% II 90% m Column 1 implies that of those people currently using product I, 80% plan to continue using it, while 5% plan to switch to product II and 15% to product III. Columns 2 and 3 are to be interpreted similarly. Use the matrix A to construct a Markov chain that describes buying trends. If the current buying patterns continue, determine the likely eventual distribution of sales, in terms of percentages.
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