Final answer:
Knowing the 95% availability is tied to efficient inventory management and customer satisfaction. Statistical analysis assists in understanding service capacity and customer flow. Offering a money-back guarantee is a strategy to mitigate customer risk and enhance trust in the goods market.
Step-by-step explanation:
When a customer wants a product, they expect it to be available with a high probability, specifically, a 95% stock availability rate is desired. In a business context, this relates to inventory management where companies must balance the costs of holding stock against the opportunity costs of stockouts.
This touches on concepts from the field of Operations Management, where inventory control and customer satisfaction are key issues.
In relation to the information provided, it appears there is a focus on statistical analysis to understand customer behavior and service efficiency. For example, understanding that the 95th percentile for the sample mean excess time is about 26 minutes helps businesses plan their service capacity.
Likewise, determining that on average, one customer arrives every two minutes enables a calculation of expected customer flow, which aids in staffing decisions and service level planning.
The concepts provided suggest an environment where companies also consider customer assurances, like a money-back guarantee, to enhance sales in situations where product quality cannot be physically inspected prior to purchase. This is a form of risk reduction for customers and can be a competitive advantage for the sellers in the goods market.