Historical Data Indicates That Only 20% of Cable Customers Are

question 43

Multiple Choice

Historical data indicates that only 20% of cable customers are willing to switch companies.If a binomial process is assumed, then in a sample of 20 cable customers, what is the probability that no more than 3 customers would be willing to switch their cable?

• A)0.85
• B)0.15
• C)0.20
• D)0.411

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Definitions:

Fad Product

A product that becomes extremely popular in a short period of time and then quickly falls out of favor.

Product Life Cycle

A concept that describes the stages a product goes through from introduction to growth, maturity, and decline in the market.

Low-Learning

Pertains to products or services that require minimal effort or understanding for consumers to use effectively.

Product Life Cycle

The progression of a product through stages from introduction to growth, maturity, and decline in the market.