Question 1

How should a marketing consulting firm perform a cluster analysis for a new granola bar?

Options :

A : Determine the reasons for consumer granola bar purchases

B : Determine the different segments or groups to target

C : Determine competitor benchmarks and forecasts for comparison

D : Determine whether there are any granola bar sales trends

Answer: B

Question 2

What is the formula for calculating a simple index number?

Options :

A : The current price divided by the base year’s price times 100

B : The base year’s price divided by the current price times 100

C : The base year’s price divided by the current price

D : The current price divided by the base year’s price

Answer: A

Question 3

What is a statistical process control procedure for a drill manufacturer?

Options :

A : Determining the different market segments for its drills

B : Determining whether the weight of selected drills is within a tolerable range

C : Forecasting future consumer demand for its drills

D : Implementing collaborative planning forecasting and replenishment

Answer: B

Question 4

A political ballot gives voters the option to vote for one of three candidates. Eight voters cast their ballots. Which statistical rule should be used to determine the possible voting outcomes?

Options :

A : Multiplication principle

B : Conditional probability

C : Bayes' theorem

D : Combination

Answer: A

Question 5

A researcher seeks to pass a bond issue and asks a sample of respondents who have a bachelor’s degree if they are voting in favor of the bond because it would be beneficial to the county. Which type of error does this represent?

Options :

A : Faulty operationalization

B : Response bias

C : Confusion of association and causality

D : Selection bias

Answer: D