What Kind of New Product Strategy Is Being Used When

question 5

Multiple Choice

 What kind of new product strategy is being used when an automobile manufacturer introduces a new car model to replace an existing one? 

• A) Market development
• B) Product development
• C) Market diversification
• D) Market penetration

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Definitions:

Confidence Interval

Confidence Interval is a range of values, derived from sample statistics, that is likely to contain the value of an unknown population parameter, with a certain level of confidence.

Contrast

In statistics, a method used to compare different treatments or groups by defining specific linear combinations of parameters estimated in a model.

Confidence Limits

The upper and lower boundaries of a confidence interval, which estimate the range within which a population parameter lies with a certain level of confidence.

Population Mean

The average of all the values in a population, which is the total set of individuals, items, or data under study.