Scenario 5

question 68

Multiple Choice

Scenario 5.2 Use the following to answer the questions.Colin Jackson recently purchased Blue Waters Adventures, a kayak and canoeing rental business near the Chatsworth River in Arizona. Blue Waters Adventures had been in operation for five years and was located in an ideal area. Even though the winters in the area can be cold, kayaking and canoeing activities are generally popular year-round. After two months of operation, it became clear why the previous owners had sold the business. While the business appeared to be ideally located, sales were extremely disappointing.
-Refer to Scenario 5.2. Colin went to the university library and collected everything he could find on the kayaking and canoeing sports industries. He found a significant amount of information, but it didn't seem to be in the format that he could actually use in his analysis. Colin realized that he could just use this preliminary data as a resource to help him design his plan for utilizing focus groups and possibly for designing a survey. The preliminary data is referred to as _____, while the data from focus groups and surveys is ______.

• A)primary data; secondary and observational
• B)secondary data; primary
• C)secondary data; observational
• D)exploratory data; primary
• E)primary data; descriptive

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Definitions:

Mutual Interdependence

A condition in which entities are mutually reliant on each other, commonly seen in markets where actions of one firm significantly affect others.

Price-Output Policies

Strategies employed by firms or governments to regulate prices and output levels in a market, often to promote competition or control inflation.

U.S. Automobile Industry

Refers to the sector of the economy in the United States engaged in the manufacturing, design, development, marketing, and selling of motor vehicles.

Oligopoly

A market structure characterized by a small number of firms that dominate the market, leading to limited competition.