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Math · Mathematics
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A large company is planning an advertising campaign for one of its soap products. A member

of the marketing team suggested they conduct an initial survey to determine the current market

share of this product. One hundred people were surveyed and twenty indicated they purchased

the company’s product.

The company then ran an advertisement for this same soap product. After the advertisement

had been run for several months, the company conducted a second survey of another one

hundred people. The participants were asked the following two questions and their responses

recorded.

 

 

Do you recall seeing the advertisement about this soap product?

Have you purchased this soap product?

 

 

a. Estimate the company’s market share based on their initial survey before the advertising

campaign. Explain why this an estimate of their market share only and not the “exact” or

actual value.

Answer
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