[kolekar]

Your company has launched a new product .Your company is a reputed company with 50% market share of similar range of products. Your competitors also enter with their new products equivalent to your new product. Based on your earlier experience, you initially estimated that, your market share of the new product would be 50%. You carry out random sampling of 25 customers who have purchased the new product ad realize that only eight of them have actually purchased your product. Plan a hypothesis test to check whether you are likely to have a half of market share.