Once an Organization Surveys the Consumer's Wants and Needs, Has

question 16

True/False

Once an organization surveys the consumer's wants and needs, has designed a group of products to meet those needs, and begun to market them in stores, the organization is assured of success.

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Definitions:

Mean

The average of a set of numbers, calculated by adding all the numbers in a set together and then dividing by the count of those numbers.

Standard Deviation

A calculation that determines the extent of variability or dispersion in a series of values.

Normal Distribution

Normal distribution, also known as Gaussian distribution, is a continuous probability distribution that is symmetrical around the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

50th Percentile

Also known as the median, it is the value below which 50% of the data points in a data set lie.