A worldwide personal products manufacturer is working on a new hair care product. In the past, 85 percent of new hair care products introduced by this company have become successful (15 percent have failed). Obviously, the marketing research department plays a large role in the introduction of any new product. Historically, 85 percent of the successful products have a favorable rating from marketing research studies and 20 percent of the unsuccessful products have favorable ratings. For the new hair care product, the marketing unit has issued a favorable rating. What is the probability that the new product will be successful?

Question

Quizplus · Accepted Answer

The Answer of A worldwide personal products manufacturer is working on a new hair care product. In the past, 85 percent of new hair care products introduced by this company have become successful (15 percent have failed). Obviously, the marketing research department plays a large role in the introduction of any new product. Historically, 85 percent of the successful products have a favorable rating from marketing research studies and 20 percent of the unsuccessful products have favorable ratings. For the new hair care product, the marketing unit has issued a favorable rating. What is the probability that the new product will be successful?

A Worldwide Personal Products Manufacturer Is Working on a New