If a Firm Contracts with IRI, a Leading Test Market

question 189

Multiple Choice

If a firm contracts with IRI, a leading test market company, to track sales of a new product made to a panel of consumers and to assess the effectiveness of advertising and other promotion tactics, what type of test market is this?

• A) laboratory test market
• B) concept test market
• C) simulated test market
• D) controlled test market
• E) standard test market

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Definitions:

Bell-Shaped

Describes the graphical representation of a normal distribution, where most values cluster around a central peak and the distribution tapers off symmetrically towards both tails.

Standard Normal Distribution

A distribution of probability that displays symmetry around its mean, highlighting that instances near the mean happen more often than those far from it.

Mean

The mean of a number set, determined by dividing the total sum of the numbers by the count of numbers present.

Standard Deviation

A statistical measure that quantifies the variation or dispersion of a set of numerical values.