Marketers of a Particular Brand of Ice Cream Have Decided

question 75

Multiple Choice

Marketers of a particular brand of ice cream have decided to delete their line of ice cream bars. They will do so by letting the product decline and not change the current marketing strategy. This method of deletion is called

• A) business analysis.
• B) immediate drop.
• C) screening.
• D) phase-out.
• E) run-out.

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Definitions:

P-value Method

A statistical approach used to determine the significance of results in hypothesis testing, indicating the probability of observing data as extreme as the sample data.

Null Hypothesis

It is a hypothesis that assumes no significant difference or effect; it is the statement tested in statistical hypothesis testing to determine the likelihood of the observed data.

Statistically Significant

A determination that the observed difference or relationship in a statistic is not likely due to chance alone, according to a pre-specified threshold of significance.

Confidence Interval

A range of values derived from sample statistics that is likely to contain the true value of an unknown population parameter.