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Market Research VB
Terms in this set (20)
Is secondary data generally more expensive or less expensive than primary data?
Which is NOT a use for market research?
a)Identifying what services customers want
b)Deciding what merchandise to sell
c)Determining tax deductions
Determining tax deductions
True or false: Secondary data is often gathered before primary data.
A question beginning with "how" or "why" is usually what type of research question?
What is a disadvantage of using a large sample size?
Which is NOT one of the five steps in conducting market research?
a)Apply for government funding
d)Choose the best solution
Apply for government funding
What are the two main sources of data?
Which question is an example of quantitative market research?
a)How did you hear of our product?
b)Why did you buy this product?
c)How many times did you purchase this product in the past six months?
How many times did you purchase this product in the past six months?
What is a focus group?
a)A set of retail outlets designated as test stores
b)A small group of people who provide opinions under the direction of a discussion leader
c)Elite consumers chosen for their trend-setting taste
A small group of people who provide opinions under the direction of a discussion leader
Which is NOT a source of secondary data?
a)A business's own Facebook survey
b)Past sales records
A business's own Facebook survey
You survey 100 customers. You ask a question with 4 possible responses. Each possible response is given by at least 10 customers. What is maximum number of customers giving any one response?
What is the total cost to conduct a market research survey with a $500 base fee plus $3 per question and $1.25 per person surveyed? The survey has 12 questions and will be sent to 300 people.
A customer service survey was conducted of 400 customers: 200 men and 200 women. The data on one of the questions show that 115 of the men and 165 of the women rate the customer service as excellent. What percentage of the men gave an excellent rating? What percentage of the women gave an excellent rating? What was the total percentage of customers giving an excellent rating?
a)80% men, 65% women, 57% total customers
b)69% men, 58% women, 73% total customers
c)45% men, 68% women, 53% total customers
d)57.5% men, 82.5% women, 70% total customers
57.5% men, 82.5% women, 70% total customers
Overall, 44 people of 230 surveyed gave your company an Excellent rating. Of women, 26 out of 112 gave your company an Excellent rating. Was your company more highly rated among the general population or among women?
20 out of 45 men surveyed liked beef. What percentage of men did NOT like beef? (Round up to nearest %.)
Market researchers often report disposable income. This is your income after tax deductions. Your gross income is $3,000 per month. Your federal tax is 10%, state tax is 5%, city tax is 2%, and you pay 7% to social security. What is your monthly disposable income?
Laws of statistics indicate that surveys get more accurate with larger sample sizes. You want an accurate survey but your cost per respondent is $2 and your budget is $250. How many respondents can you survey?
A bookstore owner is conducting market research to forecast sales for the coming year. The bookstore is open 360 days a year and out of the 1,200 people who pass the store each day, 8% of them enter the store and make a purchase. The average amount of each sale is $18. What is the estimated amount of sales for the coming year?
Market researchers often report discretionary income. Discretionay income is your disposable income minus your fixed expenses. Your disposable income is $1,200. After you pay for rent, utilities, groceries, and a car payment, you have $200. What percentage of your disposable income is discretionary?
Your business has conducted three market research surveys in the past year. The cost per survey is as follows: Survey 1: $1,250, Survey 2: $925, Survey 3: $1,075. What is the average cost of the market research surveys?
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