The likelihood of finding a dog in the pet store is then: (x-probabilities that the owner finds a dog.) The chances of finding a dog if you have not walked into the pet store before being: (x-probabilities that a pet owner does not walk into the pet store.)
If the pet store is closed for the day, and it is raining, the chances of finding a dog at the pet store is: (x-probabilities that a pet owner walks in the pet store, given that he has walked in the pet store before, if the pet store is open, otherwise.) If the pet store is open, then the chances of finding a dog at the pet store is: (x-probabilities that a pet owner does not walk into the pet store, given that he has walked in the pet store before, if the pet store is open, otherwise.)
In fact, even with all of these assumptions about the probabilities of walking into the pet store, it is still possible for the pet store to have an extremely low customer turnover rate. If the customer is not likely to leave the store each day, then we can still use Bayesian statistical methods to find a significant relationship between the previous day’s customer turnover rate and the day of the week that the customer is likely to leave the store. Bayesian statistics can also be used to find relationships between customer age and customer turnover.
It is important, however, to note that these relationships will not be found if the customer in question was not really interested in the pet products. Instead, the relationship is the result of a prior assumption about the customer’s ability to purchase the pet products that is now being challenged by a new product that is very attractive and very popular.
An example of this would be that when people buy a pet product that is not in their budget, but that they really want, the customers are more likely to stick with the company that offers them a lower price. rather than switch to another pet product just because they are paying more. In a large retail chain, this can mean that the pet products that are being sold at higher prices will continue to have a high level of sales, while the lower-priced products are forced out of business, leaving the chain with a lot of unprofitable products that are not in demand.
This also means that for large chain retailers like Wal-Mart, it is better to sell a cheap product to an expensive product. than to sell a more expensive product to a cheap product, which is selling at a lower price because of lower demand.
In summary, Bayes’ theorem can be used to determine the odds of getting a pet from a pet store, as well as to determine the odds of getting a pet from a pet store that is not in your local area. The results will also depend on the type of pet that you are trying to attract.
