A Major Benefit of Using Test Markets as a Quantitative

question 225

Multiple Choice

A major benefit of using test markets as a quantitative forecasting method is that:​

• A)​they provide realistic information on actual purchases rather than intent to buy.
• B)​they are quick and inexpensive.
• C)​they combine and average the outlooks of top executives from such areas as marketing, finance, and production.
• D)​they solicit opinion from experts outside the firm such as academic researchers.

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Definitions:

Statute of Frauds

A legal doctrine requiring certain types of contracts, such as for the sale of land or goods over a certain value, to be in writing to be enforceable.

Respondeat Superior

A legal doctrine holding employers liable for wrongful acts committed by employees while performing their job duties.

Independent Contractor

A person or entity contracted to perform work for another entity as a non-employee, responsible for their own taxes and benefits.

Tortious Actions

Wrongful acts that cause harm or loss to another, leading to civil legal liability.