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30 - Question 1 Marks 1 What is the point you instructor...

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Question 1 Marks: 1 What is the point you instructor was trying to make when discussing the law of "truly large" numbers Choose one answer. a. That it is easier to become wealthy by making a small amount of profit on a large number of transactions than by making a large amount of money on a small number of transactions. b. That in order to be successful, your product needs to appeal to everybody. c. That no two people are exactly alike. d. That if you have a large enough group of people there will probably be subgroups who are similar to each other at least in the way they perceive your product. e. No matter how large the group, people are individuals. Correct Marks for this submission: 1/1. Question 2 Marks: 1 Adam had an idea for a new i-pod accessory. He showed his idea to ten of his friends. Three of them loved the idea, four of them thought it was OK, but nothing special and three of them hated the idea. If he develops the product, he will need to sell at least 10,000 in order to make money. He was wondering whether or not to develop the product when he remembered the law of large numbers from Professor Robertson's marketing class. Based on that, he decided to __________? Choose one answer. a. Continue to develop the product knowing that because there are millions of i-pod users, there will probably be a large enough group who like the product for it to be successful. b. Modify the product so that seven or more of his friends like it and nobody hates it before introducing it to the market. This way there will be a larger group of potential customers for the product. c. Discontinue the product because if a large percentage of people dislike the product they will talk others out of buying it. d. Continue with the idea, but add two additional accessories so that each of his friends will have something they like. It will be easier to introduce a large number of products than just one. e. Find new friends because if they are too stupid to appreciate his great idea, they don° t deserve to have him as a friend.
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