Day: September 5, 2017

Business Studies Multiple Choice Question – 5 September 2017

Primary market research is?

Select ONE answer:

  1. The firm is 95% confident that a new product will succeed
  2. 95% of its customers say they will buy the firm’s new product
  3. The firm is 95% confident of the results of its findings
  4. 95 out of 100 of its products are likely to succeed
  5. There is a 95% chance of failure

State TWO factors that might influence the success of a new product:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is multiple choice question is suitable for Business Studies KS5 classes.

The answer is 3 – If repeated samples were taken and the 95% confidence interval was computed for each sample, 95% of the intervals would contain the population mean. A 95% confidence interval has a 0.95 probability of containing the population mean. 95% of the population distribution is contained in the confidence interval.

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