. Market pioneers, companies that are among the first to develop a new product or service, tend to have higher market shares than latecomers to the market. What accounts for this advantage? Here is an excerpt from the conclusions of a study of a sample of 1209 manufacturers of industrial goods: Can patent protection explain pioneer share advantages? Only 21% of the pioneers claim a significant benefit from either a product patent or a trade secret. Though their average share is two points higher than that of pioneers without this benefit, the increase is not statistically significant (z = 1.13). Thus, at least in mature industrial

markets, product patents and trade secrets have little connection to pioneer share advantages.11 Find the P-value for the given z. Then explain to someone who knows no statistics what “not statistically significant” in the study’s conclusion means. Why does the author conclude that patents and trade secrets don’t help, even though they contributed 2 percentage points to average market share?


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