The long& success of a business depends on its ability to market products with superior characteristics that
Question:
The long& success of a business depends on its ability to market products with superior characteristics that maximize consumer satisfaction and that give the firm a competitive advantage
(Kotler, Marketing Management, 1994). Ten new products have been developed by a food-products firm. Market research has mdicated that the 10 products have the characteristics describtd by the Venn diagram shown here.
Superior Consumer Product Satisfaction Characteristics Competitive Advantage I a Write the event that a product possesses all the desired characteristics as an intersection of the events defined in the Venn d~agram. Which products are contained in th~s intersection?
b. If one of the 10 products were selected at random to be marketed, what is the probability that it would possess all the desired characteristics?
c. Write the event that the randomly selected product would give the firm a competitive advantage or would satisfy consumers as a union of the events defined in the Venn diagram. Find the probability of this union
d. Write the event that the randomly selected product would possess superior product characteristics and satisfy consumers. Find the probability of this intersection.
Step by Step Answer:
Statistics For Business And Economics
ISBN: 9780130272935
8th Edition
Authors: James T. McClave, Terry Sincich, P. George Benson