Exam 6: Measuring Market Opportunities: Forecasting and Market Knowledge

Experimental test markets cannot be performed under controlled experimental conditions.

Which of the following information captured by CRM databases is used mainly to facilitate market segmentation and target marketing?

The diffusion theory is rarely useful in practice since it is not effective in estimating how quickly an innovation is likely to move through the diffusion process.

Among members of different adopter groups,laggards participate less in community matters than members of the other groups and stubbornly resist change.

Mention the factors that determine the speed of the adoption process of an innovative product or service.

A better understanding of market and competitive conditions and of what buyers in a given market want and need is referred to as market knowledge.

Which of the following is an example of primary data?

When Creamy Layer Inc.planned to introduce a new ice cream flavor,its senior executives looked at the sales history of earlier introductions to forecast the sales for the newest flavor.This is an example of an analogy approach for new product forecasting.

_____ participate less in community matters than members of the other groups and stubbornly resist change.

Explain some of the potential biases in forecasting?

Which of the following forecasting tools generally assumes that the future will look very much like the past?

Primary data are data collected from individual research subjects using observation,survey interviews etc.

A(n)_____ scale connects two bipolar words of phrases.

The credibility and accuracy of forecasts of sales and market potential can be achieved by making explicit the assumptions on which the forecast is based.

Explain the two important keys to improve the credibility and accuracy of a set of forecasts of sales and market potential.

_____ scale uses statements with which the respondent shows the amount of agreement/disagreement.

The purpose of CRM is to develop a unified and cohesive view of the customer from every touch point within the company to increase profitability and shareholder value.

Customer lifetime value refers to the margins that a customer generates over a lifetime less the cost of serving the customer.

Statistical and observational methods,where adequate data or settings are available in which to apply them,are superior to survey methods of forecasting.

A computer manufacturer can manufacture only 200 computers a day.This is an example of a forecast.