Concept explainers
Characteristics of a new product. The long-run success of a business depends on its ability to market products with superior characteristics that maximize consumer satisfaction and that give the firm a competitive advantage (Kotler & Keller, Marketing Management, 2015}. Ten new products have been developed by a food-products firm. Market research has indicated that the 10 products have the characteristics described by the following Venn diagram:
- a. Write the
event that a product possesses all the desired characteristics as an intersection of the events defined in the Venn diagram. Which products are contained in this intersection? - b. If one of the 10 products were selected at random to be marketed, what is the probability that it would possess all the desired characteristics?
- c. Write the event that the randomly selected product would give the firm a competitive advantage or would satisfy consumers as a union of the events defined in the Venn diagram. Find the probability of this union.
- d. Write the event that the randomly selected product would possess superior product characteristics and satisfy consumers. Find the probability of this intersection.
- e. Two of the 10 products will be selected for an ad campaign. How many different pairs of products are possible?
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