Sales Forecasting and Marketing Metrics Quiz
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Questions and Answers

What is the key metric used to measure the effectiveness of marketing strategies and to predict future sales?

  • Product protocol
  • Diffusion of innovation
  • Sales forecasting
  • Purchase intention (correct)

    • Which process do managers follow to reduce dependence on poor forecasting?

  • Improve current financial forecasting methods
  • Use different methods of financial analysis on new products
  • Commit to a strategy of low-cost development and marketing
  • Approve situations, not numbers (correct)

    • What refers to the process by which an innovation is spread within a market over time and over categories of adopters?

  • Quality function deployment
  • Voice of the customer
  • Diffusion of innovation (correct)
  • Data quality

    • What helps businesses understand their customers' expectations, preferences, and dislikes?

    <p>Voice of the customer</p> Signup and view all the answers

    What is the accuracy of sales forecasts dependent on to make predictions?

    <p>Data quality</p> Signup and view all the answers

    What refers to the set of guidelines, procedures, and best practices followed during the product development process?

    <p>Product protocol</p> Signup and view all the answers

    What is the purpose of the House of Quality protocol?

    <p>To specify what each department will deliver to the final product that the customers buys</p> Signup and view all the answers

    What does the term 'Design' refer to?

    <p>The synthesis of technology and human needs turning into manufacturable products</p> Signup and view all the answers

    What is the purpose of colocation?

    <p>To put various individuals or functional areas in close proximity</p> Signup and view all the answers

    What is the final step of acceptance testing?

    <p>Gamma testing</p> Signup and view all the answers

    What does benefit segmentation involve?

    <p>Identifying and categorizing market segments based on specific benefits that customers seek in a product</p> Signup and view all the answers

    What is the role of an industrial designer?

    <p>Visualizing a solution to a problem</p> Signup and view all the answers

    What is projectization related to?

    <p>Commitment of company personnel to new product projects</p> Signup and view all the answers

    'Virtual team' refers to a group of individuals who are:

    <p>Linked electronically to each other</p> Signup and view all the answers

    What does 'testing' represent in product development?

    <p>Essential part of developing a quality product</p> Signup and view all the answers

    What is product architecture related to?

    <p>Overall layout and structure of the parts, subsystems, and interfaces of a product</p> Signup and view all the answers

    What is the first stage of the launch cycle?

    <p>Testing the product with potential users</p> Signup and view all the answers

    What is the process where businesses evaluate the potential success of a product or service in the marketplace before a full-scale launch?

    <p>Testing the product with potential users</p> Signup and view all the answers

    What refers to the information and ideas gathered from tests that help figure out what a product does well and what it could do better?

    <p>Testing feedback</p> Signup and view all the answers

    Give at least 3 process that managers do to reduce dependence on poor forecasting.

    <p>Implementing customer feedback, analyzing market trends, and refining sales strategies</p> Signup and view all the answers

    What is the key metric used to measure the effectiveness of marketing strategies and to predict future sales?

    <p>Forecast accuracy</p> Signup and view all the answers

    What is projectization related to?

    <p>Tracking actual variables and selecting trigger points</p> Signup and view all the answers

    What is the process by which an innovation is spread within a market over time and over categories of adopters?

    <p>Diffusion of innovation</p> Signup and view all the answers

    What is the final step of acceptance testing?

    <p>Gamma testing</p> Signup and view all the answers

    What helps businesses understand their customers' expectations, preferences, and dislikes?

    <p>Benefit segmentation</p> Signup and view all the answers

    What refers to the set of guidelines, procedures, and best practices followed during the product development process?

    <p>Product architecture</p> Signup and view all the answers

    What is the key metric used to measure the effectiveness of marketing strategies and to predict future sales?

    <p>Purchase intention</p> Signup and view all the answers

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