Develop a marketing strategy

Assignment Help Basic Statistics

Reference no: EM13133181

MVP Mobile

You work for MVP Mobile as a marketing analyst. MVP Mobile sells the GLX I Smartphone with either the Silver Plan or the Gold Plan. Customers can later upgrade to the Platinum Plan. You have to analyze the results of a market study that asked 2,500 Toronto residents about whether they planned to buy the company's GLX I Smartphone over the next six months. The same 2,500 residents were surveyed three months later to find out if they had actually bought the company's Smartphone. The results are shown in the following table.

734_MVP Mobile.png

Also, for the Toronto residents who actually bought the company's smartphone, the study asked them whether they bought the Silver Plan or the Gold Plan, and whether they later upgraded to the Platinum Plan. The results are shown in the following table.

2292_MVP Mobile1.png

For the Toronto residents who bought the company's smartphone with the Silver Plan or the Gold Plan, the study asked them whether they were satisfied with the type of plan they bought. The results are shown in the following table.

405_MVP Mobile2.png

Required: Use the results of this market study to develop a marketing strategy that will increase sales and better target Toronto residents who are likely to buy the company's Smartphone and the type of plan they buy.

Your strategy should address but not be restricted to the following questions and be supported by appropriate marginal, joint and conditional probabilities.

• Should your marketing strategy target those residents who indicated their intention to buy the Smartphone?

• Should you focus on selling Smartphone with the Gold Plan?

• How likely is it that if Toronto residents bought the Smartphone with the Gold Plan, they will upgrade to the Platinum Plan?

MVP Mobile is also considering the introduction of a new Smartphone, GLX II. From past experience, the probability of the introduction of a new Smartphone being a success is 40% while the probability of the introduction of a new Smartphone being a failure is 60%.

Before introducing the new Smartphone, MVP Mobile will hire a research firm which will then issue a report that is either Favorable or Unfavorable. Historically, 90% of the new Smartphone that were introduced successfully received a favorable report, and 20% of the new Smartphone that were introduced unsuccessfully received a favorable report. For the new Smartphone, GLX II, the research firm has issued a favorable report. Should MVP Mobile introduce the new Smartphone?

Reference no: EM13133181

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