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1.The marketing manager for a growing company is considering launching a new product.To determine consumers' interest in the product, the manager can conduct a focus
1.The marketing manager for a growing company is considering launching a new product.To determine consumers' interest in the product, the manager can conduct a focus group that costs $120,000 and has a 70% chance of correctly predicting the success of the product, or hire a consulting firm that costs $400,000 but has a 90% chance of correctly assessing the market.Going directly to the market with no testing is right 50% of the time.If the product launches and is a success, the payoff will be $1.2M.What should the manager do?(plz prove it )
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