Absorbing markov chains are used in marketing to model

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Absorbing Markov chains are used in marketing to model the probability that a customer who is contacted by telephone will eventually buy a product. Consider a prospective customer who has never been called about purchasing a product. After one call, there is a 60% chance that the customer will express a low degree of interest in the product, a 30% chance of a high degree of interest, and a 10% chance the customer will be deleted from the company's list of prospective customers. Consider a customer who currently expresses a low degree of interest in the product. After another call, there is a 30% chance that the customer will purchase the product, a 20% chance the person will be deleted from the list, a 30% chance that the customer will still possess a low degree of interest, and a 20% chance that the customer will express a high degree of interest. Consider a customer who currently expresses a high degree of interest in the product. After another call, there is a 50% chance that the customer will have purchased the product, a 40% chance that the customer will still have a high degree of interest, and a 10% chance that.

Reference no: EM133671263

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