Considerable Research Has Documented That in Many Product Categories, Consumers

question 27

Multiple Choice

Considerable research has documented that in many product categories, consumers are unable to distinguish among brands when given blind tests (i.e. taste or use of the products without labels) . Such products include cigarettes, beer, liquors, and cosmetics. Nonetheless, even when prices are similar, consumers have strong preferences for specific brands of these products. This strong brand preference is the result of:

• A)limited problem solving.
• B)high-involvement problem solving.
• C)routine problem solving.
• D)extended problem solving.

Understand the concepts and calculations related to coefficient of variation and correlation.

Interpret and analyze data summaries, including five number summaries and box plots.

Apply the concept of relative frequency in the context of data analysis.

Understand measures of variability, including range, interquartile range, and their importance.