Which of the Following Describes an Electronic Test Market

question 99

Multiple Choice

Which of the following describes an electronic test market?

• A)It is one in which the firm tests the product or marketing-mix variables through the company's normal distribution channels.
• B)It is conducted by outside research firms that guarantee distribution of the product through prespecified types and numbers of distributors.
• C)It includes a panel of consumers that has agreed to carry identification cards that each consumer presents when buying goods and services.
• D)A limited amount of data on consumer response to a new product is fed into a model containing certain assumptions regarding planned marketing programs, which generates likely product sales volume.
• E)none of the above

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Definitions:

Employment in Steel Industry

Refers to the workforce engaged in the production and processing of steel, an important sector for many economies.

Elastic Demand

A situation where the quantity demanded of a product changes significantly due to a change in its price.

Elastic Demand

A situation where the quantity demanded of a good or service significantly changes in response to a change in its price.

Short Run

A period in economic theory during which at least one factor of production is considered fixed and cannot be changed.