Understanding of probability is key in making business decisions. The following begins to test your understanding of the different forms of probability and the data on which probabilistic decision making is based.
You are a marketing manager for a manufacturer of nonperishable products sold in grocery stores. In this role, you need to make various decisions about how much marketing/advertising support is needed by each product to maximize the profitability of the organization.
Assess how the effectiveness of individual marketing/advertising approaches would be determined.
Discuss how historical sales data, as well as promotional response data, can aid you in evaluating the effectiveness of the individual marketing/advertising approaches. Support your discussion with relevant examples, research, and rationale.
The final paragraph (three or four sentences) of your initial post should summarize the one or two key points that you are making in your initial response.
