Reference no: EM13841762

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.

Question 2: 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.

Question 3: 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.

Question 4: 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.

Question 5: Which of the following approaches to understanding and predicting consumer behavior does not actually solicit any information from potential customers?

• Expert opinion.
• Test marketing.
• Analysis of historical data.
• Conjoint analysis.

Question 6: Data collected on a sample of individuals with different characteristics at a specific point in time are called:

• panel data.
• cross-section data.
• time series data.
• none of the above.

Question 7: 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?

• Test marketing.
• Conjoint analysis.
• Expert opinion.
• Analysis of historical data.

Question 8: 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:

• non-price experiments.
• focus groups.
• price experiments.
• none of the above.

Question 9: Data collected on the same observation unit at a number of points in time are called:

• panel data.
• time series data.
• cross-section data.
• none of the above.

Question 10: A measure of how much the coefficient would vary in regressions based on different samples is called:

• F-statistic.
• standard error of the estimated coefficient.
• t-statistic.
• partial F-statistic.

Question 11: The test statistic used to test the hypothesis of whether a regression coefficient is significantly different from zero, holding all other independent variables constant, is called a(n):

• t-test.
• F-test.
• multicollinearity test.
• autocorrelation test.

Question 12: Regression analysis that analyzes the relationship between one dependent variable and several independent variables is called:

• cluster analysis.
• correlation analysis.
• multiple regression analysis.
• simple regression analysis.

Question 13: The ratio of the regression coefficient to its standard error is called:

• F-statistic.
• t-statistic.
• coefficient of determination.
• partial F-statistic.

Question 14: The coefficient of determination will range between what values?

• -1 and +1
• 0 and 1
• -3 and +3
• none of the above

Question 15: The range of values in which we can be confident that the true regression coefficient lies within a given degree of probability is called a:

• confidence interval.
• logistic regression.
• prediction interval.
• none of the above.

Question 16: The estimated regression equation is Y = 10 + 2.5X, if X =0 than the predicted value of Y is equal to

• 2.5
• 7.5
• 12.5
• 10