The Threat of Substitute Products or Services Refers to the Power

question 6

True/False

The threat of substitute products or services refers to the power of customers to purchase alternatives.

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Definitions:

Binomial Random Variable

A type of random variable that counts the number of successes in a fixed number of independent trials with the same probability of success.

Normal Approximation

A technique used to approximate discrete probability distributions with a normal distribution when certain conditions are met.

Sampling Distribution

The probability distribution of a given statistic based on a large number of samples drawn from a specific population, used to estimate population parameters.

Sample Proportion

The sample proportion is a statistic that estimates the proportion of elements in a population that have a certain characteristic, based on a sample from that population.