Interviews with Industry Experts,individuals Knowledgeable About the Firm and the Industry,may

question 71

Multiple Choice

Interviews with industry experts,individuals knowledgeable about the firm and the industry,may help formulate the marketing research problem.Which of the following statements is true about interviews with industry experts?

• A)These experts may be found both inside and outside the firm.
• B)Typically,expert information is obtained by unstructured personal interviews without administering a formal questionnaire.
• C)It is helpful to prepare a list of topics to be covered during the interview.
• D)All of the above are true.

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Definitions:

Marginal-Utility Schedules

Charts or tables that represent the additional satisfaction or utility a consumer gains from consuming an additional unit of a good or service.

Utility Maximization

A principle in economics that suggests individuals and firms seek to allocate their resources in a way that maximizes their satisfaction or utility.

Diminishing Marginal Utility

A principle stating that as a person consumes more units of a particular good or service, the satisfaction (utility) gained from consuming each additional unit decreases.

Income Effect

Variations in income for either a person or the economy as a whole, and how these variations influence the demand for specific goods or services.