What are secondary data? List four major sources of secondary data and discuss why most research efforts rely on secondary data and usually collect secondary data before primary data are collected.
What will be an ideal response?
Secondary data are data that have been previously collected for any purpose other than the one at hand. Secondary data can be either external or internal. Major sources of secondary data include historical internal information, market research firms, trade associations, university research bureaus, professional associations, foundations, commercial publications, and government data. Secondary data can ordinarily be obtained quickly and at relatively low cost. Secondary data investigation allows better preparation for primary data collection.
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Add only an apostrophe to form the possessive for both plural nouns and singular nouns ending in –s or ________________
a. an –s sound b. –er c. –ing d. -ed
Mungo Pet Supplies makes cat trees for several pet store chains. They order rolls of carpet (used to cover the trees) from a supplier. Mungo’s management has decided to use an EOQ model. The annual demand for carpet is estimated to be 1,000 rolls. The purchase price per roll is $20 and estimated inventory carrying cost rate is 25%. The cost to place an order from the supplier is $30. What is the annual ordering cost for the optimal order quantity?
a. $109.54 b. $600 c. $547.72 d. $273.86
Which of the following is a good best practice when interviewing customers?
a. Asking open-ended questions b. Encouraging the customer to talk about pain points c. Asking follow-up questions d. All of these
Which of the following is NOT true about retailing in different nations?
A. Cultural differences influence preferences for online shopping. B. New retailing ideas rarely spread to other countries. C. Retailers in slow-growth developing countries have looked abroad for growth. D. Mass-merchandising requires mass markets. E. Less-developed countries often don't have the income to support mass distribution retailers.