A New Soft Drink Is Being Market Tested

question 2

Essay

A new soft drink is being market tested. A sample of 400 individuals participated in the taste test and 80 indicated they like the taste.
a.At a 5% significance level, test to determine if at least 22% of the population will like the new soft drink.
b.Determine the p-value.

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Definitions:

Incentive Compensation

Incentive compensation is a form of payment designed to motivate and reward employees' performance, often tied to achieving specific goals or benchmarks.

Quarterly Performance

The assessment of an organization's, team's, or individual's work results and achievements over a three-month period.

Merit Pay

Awards pay increases in proportion to performance contributions.

Performance Appraisal System

A performance appraisal system is a structured process through which employees' job performance is regularly evaluated, providing feedback, identifying areas for improvement, and determining development needs.