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Based on data collected in the test market, the company constructed a 98% confidence interval for the proportion of all consumers who might buy their brand. The resulting interval is 16% to 28%. What conclusion should the company reach about the new marketing campaign? Explain.
Cost-Based Pricing
A pricing method that determines the selling price of a product by adding a markup to its total cost.
Mark-Up Percentage
The percentage added to the cost price of goods to cover overhead and profit in the selling price.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good.
Sales Volume
The number of units of a product or service sold in a specific period of time, indicative of consumer demand and business performance.
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