Two marketing research companies, Richard Saunders International and Marketing Intelligence Service. joined forces to create a consumer
Question:
Two marketing research companies, Richard Saunders International and Marketing Intelligence Service. joined forces to create a consumer preference poll called Acupoll. Acupoll is used to predict whether newly developed products will succeed if they are brought to market. The reliability of the Acupoll has been described as follows: The probability that Acupoll predicts the success of a particular product, given that later the product actually is successful. is .89
(Minneapolis Star Tribune. Dec. 16,1992). A company is considering the introduction of a new product and assesses the product's probability of success to be .90. If this company were to have its product evaluated through Acupoll, what is the probability that Acupoll predicts success for the product and the product actually turns out to be successful?
Step by Step Answer:
Statistics For Business And Economics
ISBN: 9780130272935
8th Edition
Authors: James T. McClave, Terry Sincich, P. George Benson