A Worldwide Personal Products Manufacturer Is Working on a New

question 42

Short Answer

A worldwide personal products manufacturer is working on a new hair care product.In the past,85 percent of new hair care products introduced by this company have become successful (15 percent have failed).Obviously the marketing research department plays a large role in the introduction of any new product.Historically,85 percent of the successful products have a favorable rating from marketing research studies and 20 percent of the unsuccessful products have favorable ratings.For the new hair care product,the marketing unit has issued a favorable rating.What is the probability that the new product will be successful?

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Definitions:

Long List

A comprehensive enumeration or cataloging of items, which can be used for reference, comparison, or decision-making.

Other Party's Outlook

The perspective or viewpoint of the opposing side in a negotiation or dialogue.

Designing Solutions

The process of creating answers or methods to solve specific problems or meet desired needs.

Being Listened

The experience or act of receiving attentive and thoughtful hearing during dialogues or discussions.