Briefly describe the three key points managers must consider when using expert opinion, consumer surveys, test marketing, and price experiments in analyzing consumer behavior
What will be an ideal response?
Managers must consider whether the participating groups are truly representative of the larger population, whether the answers given in these formats represent actual market behavior, and how to isolate the effect of different variables that influence demand.
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A manufacturer of industrial paper shredders can make its machines safer by adding a laser-sensored kill switch to its products. Adding the kill switch costs $17 per machine
The manufacturer estimates that this will prevent 50 injuries for every 30,000 paper shredders sold and that, on average, each injury causes $5,500 of harm. What is the injury cost per paper shredder? Explain whether the manufacturer should or should not add the kill switch to the paper shredder.
If a country's income grows at the rate of 5 percent a year, it doubles in about
A) eight years. B) six and one-half years. C) ten years. D) fourteen and one-half years. E) twenty years.