Dr. Shah is launching a new homework product called TutorMe. Market research has concluded that the...
Dr. Shah is launching a new homework product called TutorMe. Market research has concluded that the marketing mix for TutorMe will generate an awareness level with the target market of 30%. 60% of aware customers with access to the product at retail will try 1 tutoring session. 50% of those that try the product will become repeat purchasers. The company expects to achieve an ACV% (availability) of 80%. What percentage of customers do you forecast will be repeat purchasing customers of Dr. Shah’s TutorMe Sessions? (I.e. Calculate % Repeat Customers)
Homework Answers
Percentage of customers aware =0.3
percentage of those giving first try =0.6x0.3 =0.18
percentage of those trying becoming repeat purchasers = 0.5x0.18 = 0.09
availability =0.8
total customers become repeat purchasers. -=0.09x0.8 =0.072
which means 7.2% customers will become repeat purchasers.
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