A Probability Forecast That Calls for a "40 Percent Chance

question 7

Multiple Choice

A probability forecast that calls for a "40 percent chance of rain" means that ____.

• A)there is a 40 percent chance that it will not rain within the forecast area
• B)there is a 40 percent chance that any random place in the forecast area will receive measurable rain
• C)it will rain on 40 percent of the forecast area
• D)it will rain during 40 percent of the time over the forecast area
• E)it will definitely rain

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Definitions:

Promotional Element

A component of the marketing mix that involves activities to increase awareness, interest, and sales of a product or service, such as advertising, sales promotions, and public relations.

Product Life Cycle

Describes the stages a product goes through from when it is first introduced into the market until it declines or is removed from the market; the stages include introduction, growth, maturity, and decline.

Promotional Mix

The blend of different marketing strategies and tactics – such as advertising, public relations, personal selling, and sales promotion – used to reach the target audience, create awareness, and generate sales or achieve marketing objectives.

Decline

A phase in the product life cycle or market trend where sales or interest starts decreasing over time.