A Group of Product or Service Items That Are Closely

question 110

Multiple Choice

A group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range is referred to as a

• A) product class.
• B) product mix.
• C) product category.
• D) marketing category.
• E) product line.

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Definitions:

Probability

Probability is the branch of mathematics that deals with the likelihood of a given event's occurrence, ranging between 0 (impossible event) and 1 (certain event).

Standard Deviation

A measure of the amount of variation or dispersion of a set of values, indicating the spread of data points.

Sampling Distribution

The distribution of probabilities for a certain statistic, originating from a random sample.

Normal Distribution

In this type of distribution, occurrences of data are more frequent near the mean and decrease in frequency as they move away from the mean, with the distribution being symmetric.