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