A two-way contingency table in which each variable has two ...

[yoroshambo]

A two-way contingency table in which each variable has two possible levels is a(n) ___________________ _ table.
 Fill in the blank(s) with correct word

Question 2

Bob thinks that a new RV business in his area would not face much local competition. How does he size the market? Include formulas in your answer.

[dellikani2015]

Answer to Question 1

2 x 2

Answer to Question 2

Bob needs to start with the total population, and break it down into the proportions that are relevant. He can estimate the purchase decision-making processthe elements of awareness, trial, repeat, etc. For example, the first cut would be to take the total population and multiply it by the percentage of the customers who are aware of his brand, and compute: Population  aware. Next, he should ask what proportion of customers have tried his brand. Next, how is he doing with regard to repeat purchasers? So far, this logic looks like the following string of proportions:

Population  aware  trial  repeat

He could drill down further by asking: How much does each customer tend to buy and when do they buy? Then his analysis resembles the equation that follows:

(population  aware  trial  repeat)  per annum purchase

Translating this per customer annual consumption into dollars is easy; he can just multiply the number by the average retail price paid.

[yoroshambo]

Thank you

[dellikani2015]

Happy to help you