Question

A major application of analytics in marketing is determining customer retention. Suppose that the probability of a long-distance carrier's customer leaving for another carrier from one month to the next is 0.12. (1) What (discrete) distribution models the retention of an individual customer? HINT: it looks as a one try to get a success with the probability p = ___. (2) What probabilities model the retention of an individual customer in the first, second , ..., tenth month if we suppose that he acts independently every month (i.e., if he did not leave this month he can choose to leave in the next month or to stay - indepenently of a month and with the same probability for every month)?

Answer 1

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