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A company has two machines that produce widgets.An older machine produces 23% defective widgets,while the new machine produces only 8% defective widgets.In addition,the new machine produces three times as many widgets as the older machine does.What is the probability that a randomly chosen widget produced by the company is defective?
New Market Segment
Identifying and targeting a previously unrecognized or newly created portion of the market characterized by distinct needs, preferences, or demographic profiles.
Product Class
A category of products that serve a similar function or are targeted towards a similar consumer base, often competing within the same market.
Brand Dilution
The weakening of a brand's power or credibility, often caused by overextension of the brand name or excessively broad product offerings.
Brand Extensions
A marketing strategy where a company uses an existing brand name to launch a product in a different category.
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