A Customer's Decision to Purchase One Product or Group of Products

question 18

Multiple Choice

A customer's decision to purchase one product or group of products over another is primarily a function of:

• A) the convenience of acquiring the product or group of products.
• B) how well that choice will fulfill that person's needs and satisfy his or her wants.
• C) the product's features relative to competing products.
• D) the product's price.
• E) the availability of the product or group of products.

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Definitions:

Z-test

A statistical assessment employed to ascertain if there's a difference between the means of two populations when variances are recognized and the sample size is substantial.

µ = 145

A statement indicating that the mean (average) of a particular set of data or population is equal to 145.

Standard Error

The standard deviation of the sampling distribution of a statistic, typically the mean, reflecting the variation of the sampling statistic over different samples.

Mean

The arithmetic average of a set of numbers, obtained by dividing the sum of these numbers by their quantity.