Methods of Market Research

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What is the purpose of a flowchart in the context of product and service development?

To confuse stakeholders with complex symbols

To complicate the flow of information

To simplify the understanding and communication of a process (correct)

To limit the visibility of bottlenecks in the process

Why are correct flowchart symbols considered crucial in communication?

To enhance comprehension among stakeholders (correct)

To decrease readability

To increase the likelihood of misinterpretation

To limit the flow of processes

What step follows the refinement of a prototype in the product and service development process?

Result Assessment

Market testing

Gathering customer input

Implementation and launch (correct)

What is the purpose of conducting a post-launch analysis in product and service development?

To identify areas for improvement for future launches Signup and view all the answers

What does the implementation phase involve in the product and service development process?

Market testing Signup and view all the answers

Why do flowcharts aim to provide a clear visual representation of a process or system?

To facilitate clear communication and understanding Signup and view all the answers

What is the primary characteristic of secondary market research?

Data and insights obtained from various sources Signup and view all the answers

Where is the most convenient place to obtain a vast amount of valuable information for secondary research?

Public libraries Signup and view all the answers

Which of the following is NOT listed as a commercial source for secondary research data?

Customer emails Signup and view all the answers

How can companies make their business data accessible for research according to the text?

Through their websites or dedicated business platforms Signup and view all the answers

Which of the following is cited as an example of an 'other source' for gathering information?

Recorded meetings Signup and view all the answers

What is the primary difference between conducting market research internally and hiring a third-party company to do it?

The accuracy of the gathered data Signup and view all the answers

What is the total direct materials cost for producing the ice cream?

P19,000 Signup and view all the answers

Which cost is part of the overhead cost for producing the ice cream?

Electricity Fee Signup and view all the answers

What is the product cost per unit for the ice cream?

P7.00 per piece Signup and view all the answers

Which method is used to determine the cost of providing a specific service?

Service Costing Signup and view all the answers

What is the purpose of determining the appropriate selling price of a product?

To cover all costs and generate profit Signup and view all the answers

If each piece of ice cream requires 0.5 hours of labor, how much is the labor cost for producing 7,000 pieces?

P3,500 Signup and view all the answers

What is the total fixed costs based on the information provided?

P14,000 Signup and view all the answers

How is the service cost per unit calculated in this scenario?

Total Service Cost / Total Service Unit Signup and view all the answers

What is the Predetermined markup percentage for the product or service?

46% Signup and view all the answers

Which cost category does 'Repairs and Maintenance' belong to?

Semi-variable Costs Signup and view all the answers

How is the Selling Price determined in this pricing strategy?

Service Cost per Unit x (Markup percentage) Signup and view all the answers

What determines the success or failure of a product or service according to the text?

Pricing strategy Signup and view all the answers

Based on the given text, what is considered a semi-variable cost?

Repairs and Maintenance Signup and view all the answers

What is the total fixed cost based on the information provided in April 2022?

P50,000 Signup and view all the answers

How is the service cost per unit calculated from the text?

$98,000 / 480,000 passenger-km Signup and view all the answers

What factor is emphasized in the text as crucial for influencing consumer choice?

Pricing Signup and view all the answers

Which cost component is mentioned to be a significant factor in making effective pricing decisions?