Define beta in terms of product quality

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Question: There are 1000 consumers in this target market and each consumer makes exactly two purchases each year for widgets. Currently, there are only two products in the widget category: your product (alpha) and your only competitor (beta). Currently alpha is better than beta in terms of product quality. Based on prior research, for any given purchases occasion, there is a 60% chance that a consumer in the target market will select your brand (i.e. alpha).

Reference no: EM131826748

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