Question

1-The process of taking the ratio between the known market size of a product and an economic indicator such as personal income in one country, and applying that ratio to another country's personal income statistic assists in determining the market potential is known as Group of answer choices

estimation by cluster analysis.

multiple factor estimator.

estimation by analogy.

trend analysis estimator.

2-The research technique to estimate product adoption rates using factors such as lifestyle or cosmopolitanism is known as: Group of answer choices microeconomic segmentation clustering.

lifestyle data analysis.

product diffusion patterns.

cross-sectional

regression analysis.

Answer 1

1. Estimation by analogy is the answer.

By definition, one country's ratio of market potential for a product to the economic indicator is compared to the ratio of market potential for a product to the economic indicator of another country to determine the market potential. It is the simple logistic relation that helps in estimating the market potentials of different countries using different ratios and economic indicators.

Estimation by cluster analysis is to group similar objects into one category. This doesn't fit the question asked. So wrong

Multiple factor analysis helps to estimate the buying behaviour of the customers by understanding various factors that influence the market demand of the product. This doesn't fit the question asked. So wrong

Trend analysis is the process which gives an idea about the future price or stock based on past data. This doesn't fit the question asked. So wrong

2. Product diffusion pattern is the right answer

Product diffusion is the acceptance rate of the product by the target market population. It is the process which determines the communication of the product by the customers to others. This definition is apt for the given question, so right.

Microeconomic segmentation clustering means grouping similar objects into clusters based on the influence of microeconomic factors such as market structure, price elasticity, SWOT, porter's five forces etc. This is a general definition and it doesn't match the question asked. So, wrong

The lifestyle analysis is the pre-step to determine the purchasing power of the customers using the data related to their age, income, and occupation. This is a general definition and it doesn't match the question asked. So, wrong

The cross-sectional analysis aids the portfolio manager, analyst or investor to compare their company to the peer industry groups and it doesn't match the question asked. So, wrong

Regression analysis aids in estimating the relation between the dependent variable and independent variable. It doesn't match the question topic, so wrong.

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