Question Type: Definition/Terminology
This question tests your knowledge of market research methodologies. The question asks for the alternative name for a specific method.
Step-by-Step Solution:
- Understanding the question: The question is asking to identify the method also known as the Sales-Force-Composite method or the Collective Opinion Method.
- Analyzing the options: Let's examine each option:
- Consumer interview method: This involves direct interviews with consumers, not necessarily a collective opinion.
- Substitute approach: This is a general term and doesn't specifically relate to collective opinions from sales forces.
- Evolutionary approach: This refers to a gradual improvement process and is not directly related to the given names.
- Opinion survey: This method gathers opinions from a group, often using a standardized questionnaire. The ""Sales-Force-Composite"" method uses the opinions of the sales force, while the ""Collective Opinion Method"" is a broader term referring to collecting opinions from a group, making ""Opinion Survey"" the most fitting answer.
- Identifying the correct answer: The Sales-Force-Composite method and the Collective Opinion Method both describe gathering opinions from a group. Therefore, an Opinion survey is the correct answer.
Why other options are incorrect: The other options represent distinct market research techniques unrelated to the concept of aggregating opinions from a sales force or a broader group, as described in the question.
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Important Questions from Forecasting
The correlation coefficient between two variables X and Y is found to be 0.6. All the observations on X and Y are transformed using the transformations U = 2 – 3X and V = 4Y + 1. The correlation coefficient between the transformed variables U and V will be
Which of the following lines is known as the trend line?
An XYZ television supplier found a demand of 200 sets in July, 225 sets in August and 245 sets in September. Find the demand forecast for the month for the month of October using simple average method.
Name the human resource demand (need) forecasting technique, which solicits estimates of personnel needs from a group of experts, usually managers. The HRP experts act as intermediaries, summarise the various responses and report the findings back to the experts. The experts are surveyed again after they receive this feedback. Summaries and surveys are repeated until the experts' opinions begin to agree. The agreement reached is the forecast of the personnel needs.
Select the correct option :
Which of the following is a technique used for forecasting?
