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Exam 6: Customer Needs

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Question 1

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When should you consider an iterative approach to market research?

A) when the risk of new product failure is low and the cost of obtaining inaccurate feedback is low
B) when the risk of new product failure is high and the cost of obtaining inaccurate feedback is low
C) when the risk of new product failure is low and the cost of obtaining inaccurate feedback is high
D) when the risk of new product failure is high and the cost of obtaining inaccurate feedback is high

E) A) and C)
F) B) and C)

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Question 2

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Research has shown that using traditional market research techniques to gather information about new-to-the-world products almost always creates problems.

A) True
B) False

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Question 3

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Explain bundling as a pricing strategy. Under what situations would you consider using a bundling strategy?

A homogeneous market is one in which customers fall into a small number of groups on the basis of their needs.

Explain why it is difficult to identify customer needs.

Which pricing strategy involves offering components to customers for purchase as a group, usually for less than the price of components separately?

Market research involves the process of gathering and analyzing information about customer needs, preferences for products, and purchasing decisions.

Define market research and explain how it is valuable to companies.

Which method of collecting data involves discussion sessions of between eight and twelve individuals, who meet for two to three hours to discuss their needs, preferences for different product features, or interest in new products and services?

Which theory helps to explain why new products must offer benefits to customers that are significantly greater than those offered by existing alternatives?

What pricing strategy involves offering different forms of a product of different quality at different prices to different sets of customers based on their needs?

Technology-push innovations are often based on radical technological changes that open up new markets, rather than on incremental technological changes within existing markets.

What type of innovation is driven by customer needs?

Under which approach to market research would you likely hurt the company's reputation if the product fails?

The best clue to determine if customers have unsolved problems or problems that could be solved in a better way are provided by putting yourself in the customers' shoes and seeing if you have a need for the product.

What term refers to the targeted group of respondents that represents the population about which you seek to gather information?

What is a disadvantage of focus groups?

If you overestimate how many units your company will produce, your per unit price will be too low for your costs and your company will not make as much money as projected.

Why is developing a profitable product difficult?

When a researcher is obtaining information specifically for a research project, they are collecting: