A New Watch Manufacturer Would Like to Determine the Market

question 98

Multiple Choice

A new watch manufacturer would like to determine the market price of a new line of watches.How could the manufacturer most effectively determine the market price?

• A)Place several of the new watches on sale at a watch store and see which sells most quickly
• B)Arrange to sell the watches in a number of diverse auctions
• C)Set the price of one watch higher than another and see which sells the most quickly
• D)Survey potential customers and retailers on what they think the price should be
• E)Ask executives from competing companies about what they think the price should be

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Definitions:

MIS

Short for Management Information Systems, these are computerized databases of financial information organized and programmed in such a way that they produce regular reports on operations for every level of management in a company.

Data Mart

Small slices of a data warehouse grouped together and separated from the main body of data in the data warehouse so that related sets of data can be analyzed.

Enterprise

A term often used to describe large organizations, companies, or business ventures with complex structures and operations.

Declaration of Independence

A historic document declaring the thirteen American colonies' independence from British rule, adopted on July 4, 1776.