An Advantage of Using a Panel of Consumers for Marketing

question 285

Multiple Choice

An advantage of using a panel of consumers for marketing research is

• A) the discussion leader can help change negative panel responses into positive ones.
• B) the company can find out if consumers change their purchasing behavior over time.
• C) panel members often help each other by bringing up ideas for discussion that others didn't initially think of but that were important to them.
• D) there will usually be one panel member who dominates the discussion and helps keep the conversation focused.
• E) panel members are highly defined demographically, so it is relatively simple to replace an individual member without losing continuity.

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Definitions:

Profit-Maximizing

A strategy where a firm adjusts production and sale levels to generate the highest profit possible.

Market Structure

The organization and characteristics of a market, including the level of competition, number of producers, and type of products.

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.

Elastic

Describes the responsiveness of demand or supply to changes in price or income.