Introducing new products to the market place

Reference no: EM131064274

When introducing new products to the market place a particular company has a policy that a minimum of 40 per cent of those trying the product at the test market stage should express their approval of it. Testing of a new product has just been completed with a sample of 200 people, of whom 78 expressed their approval of the product. Does this result suggest that significantly less than 40 per cent of people approve of the product? (Conduct your test at the 5 per cent level of significance.)

Reference no: EM131064274

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