Determine the probability the new product

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Point 1: ABC Company is ready to launch a new product domestically. Historically, the company's products have been successful domestically 92% of the time. This new product has been sold overseas for the past 6 months as this has been the traditional market strategy (test a product overseas before bringing it to the domestic market). Historically, products which are successful domestically were successful in the international market 82% of the time. Conversely, products which fail domestically had already failed internationally 93% of the time.

Question 1: Determine the probability that this new product will be successful domestically if the product has not been successful overseas.

Reference no: EM132494691

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