IHG has been thinking about implementing the Bayesian Analysis for its marketing initiatives. IHG intends to survey its customers and focus primarily on the types of accommodations they prefer and their domestic or international preferences. With Bayesian analysis, more data will be obtained.
For example, knowing the probability of our customer’s accommodation preferences would provide the guidance we need to make the best choice on new property development deals and even knowing where to implement upgrades. There is value to including Bayesian analysis in marketing.
With the knowledge we currently have by using the Bayesian analysis, I would suggest growing in our domestic travel accommodations. These numbers might be from those who believe in local traveling to do there part in the environments or just new budget restrictions post COVID19. Either way Domestic is the way to go.
Female Probability:
P(F) = 5600/10000
5600/10000 = .560 chance female
35-55 Age Probability:
P(A) = P(35-45) + P(45-55)
P(A) = (2500/10000) + (3500/10000)
.25 + .35 = .60 chance female
Female and 35-45 Age Probability:
P(An F) = (P(35-45) + P(45-55)) × P(F)
(78 + .237) x486 = .153 chance female and 18-40
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Female or 45-55 Age Probability.
P(A U F) = P(35-45) + P(45-55) + P(F) – P(A U F)
P(A U F) = (2500/10000) + (3500/10000) + (5600/10000) – .315
P(A UP) =.45 + .35 + .560 – .315
1.36 – .315 = 1.045 chance females 35-55