08 Jun Question 1. Which of the following approaches to unde
Question
1. Which of the following approaches to understanding and predicting consumer behavior depends primarily on the knowledge and experience of a firm’s employees and its suppliers?
Test marketing and price experiments
Analysis of historical data.
Direct consumer surveys.
Expert opinion.
6 points
Question 2
1. In which of the following situations would reliance on expert opinion as a basis for a managerial decision be most preferred?
When the product being marketed is relatively new.
When the level of economic activity can have a significant effect on the demand for the firm’s output.
When the product can be packaged with a variety of price and quality combinations.
When the business in question serves as a supplier of inputs to other businesses, especially in multi-product situations where other strategies may be prohibitively expensive.
6 points
Question 3
1. The approach to analyzing consumer behavior that asks consumers to rank and choose among different product attributes to reveal their relative valuation of different characteristics is called:
conjoint analysis.
contingent valuation.
the hedonic estimation technique.
a direct consumer survey.
6 points
Question 4
1. All of the following are limitations of direct consumer surveys except:
the possibility of response biases because survey respondents may not want to reveal their true preferences.
the possibility that the type of questions asked may unintentionally bias the respondent’s answers.
the likelihood that respondents will deliberately and systematically mislead interviewers.
the possibility that consumers’ responses may not reflect their actual behavior in the market place.
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