Question 1

Reliance on expert opinion to predict consumer behavior has the advantage of being a relatively low cost approach to gathering information.In many situations,however,it is subject to several sources of bias that can undermine its reliability.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following approaches to understanding and predicting consumer behavior provides the most insight into how consumers can be expected to respond in an actual market setting?

Accepted Answer

A)  Test marketing.
B)  Conjoint analysis.
C)  Analysis of historical data.
D)  Expert opinion.

Question 3

An approach to analyzing consumer behavior in which consumer reaction to different prices is analyzed in a laboratory situation or a test market is called:

Accepted Answer

A)  price experiments.
B)  non-price experiments.
C)  focus groups.
D)  none of the above.

Question 4

An estimated regression coefficient is 10 with a standard error of 5.The null hypothesis is that the partial regression coefficient equals zero.What is the value of the t-statistic for testing the null hypothesis of the regression coefficient?

Accepted Answer

A)  1
B)  2
C)  0.5
D)  5

Question 5

Price elasticities tend to be higher,the greater the number of substitutes.

Accepted Answer

A) True 
 B)False

Question 6

Data collected on a sample of individuals with different characteristics at a specific point in time are called:

Accepted Answer

A)  cross-section data.
B)  time series data.
C)  panel data.
D)  none of the above.

Question 7

When using expert opinion,consumer surveys,test marketing,and price experiments to analyze consumer behavior,managers must consider whether the participating groups are representative of the larger population.

Accepted Answer

A) True 
 B)False

Exam 4: Techniques for Understanding Consumer Demand and Behavior

Data collected on a sample of individuals with different characteristics at a specific point in time are called:

Correct Answer
verified

Price elasticities tend to be higher,the greater the number of substitutes.

Correct Answer
verified

When using expert opinion,consumer surveys,test marketing,and price experiments to analyze consumer behavior,managers must consider whether the participating groups are representative of the larger population.

Correct Answer
verified

Reliance on expert opinion to predict consumer behavior has the advantage of being a relatively low cost approach to gathering information.In many situations,however,it is subject to several sources of bias that can undermine its reliability.

Correct Answer
verified

An estimated regression coefficient is 10 with a standard error of 5.The null hypothesis is that the partial regression coefficient equals zero.What is the value of the t-statistic for testing the null hypothesis of the regression coefficient?

Correct Answer
verified

An approach to analyzing consumer behavior in which consumer reaction to different prices is analyzed in a laboratory situation or a test market is called:

Correct Answer
verified

Which of the following approaches to understanding and predicting consumer behavior provides the most insight into how consumers can be expected to respond in an actual market setting?

Correct Answer
verified

Exam 4: Techniques for Understanding Consumer Demand and Behavior

Data collected on a sample of individuals with different characteristics at a specific point in time are called:

Correct AnswerverifiedShow Answer

Price elasticities tend to be higher,the greater the number of substitutes.

Correct AnswerverifiedShow Answer

When using expert opinion,consumer surveys,test marketing,and price experiments to analyze consumer behavior,managers must consider whether the participating groups are representative of the larger population.

Correct AnswerverifiedShow Answer

Reliance on expert opinion to predict consumer behavior has the advantage of being a relatively low cost approach to gathering information.In many situations,however,it is subject to several sources of bias that can undermine its reliability.

Correct AnswerverifiedShow Answer

An estimated regression coefficient is 10 with a standard error of 5.The null hypothesis is that the partial regression coefficient equals zero.What is the value of the t-statistic for testing the null hypothesis of the regression coefficient?

Correct AnswerverifiedShow Answer

An approach to analyzing consumer behavior in which consumer reaction to different prices is analyzed in a laboratory situation or a test market is called:

Correct AnswerverifiedShow Answer

Which of the following approaches to understanding and predicting consumer behavior provides the most insight into how consumers can be expected to respond in an actual market setting?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified