Discuss the below:
Q: Jugui is a cleaning solution. Jugui Industries has launched a new exposure (ad) campaign. The company's research department believes that 40% of the customers who currently do not use Jugui will buy it the next time they need a cleaning solution. Other researchers studied customer loyalty associated with Jugui. These studies found that 80% of the customers who uses use Jugui will by it again the next time they need a cleaning solution. Show work!
a) Why is this process considered a Markov Proccess?
b) In a longitudinal study, it is found that Jugui there is a 25% chance that a person is in the market for their particular type of cleaning solution (Market Share). This information provided Jugui Industries with the initial conditions it needed. The initial conditions probability matrix
c) Use the Matrices to find the market share after the third following purchase.
d) What is the steady state for Jugui Industries market share?