1.Respond to ALL FOUR QUESTIONS. Each question carries 5 marks. Response to each question attempted should be at least 500
ould be at least 500 words. The document should adhere to APA guidelines. Please state the question and then post your answer below the Question.
Q1. How does marketing research help in the marketing planning process? Use a hypothetical business (e.g. a small sporting goods store, local hardware manufacturing small business, an independent publishing company, etc.) to discuss how market research helps in compiling market intelligence with regard to aspects such as product decisions, customer segmentation decisions, brand and pricing decisions, keeping stakeholders happy.
Q2. NuVision Lens, a mail-order contact lens company has struggled to break even after being five years in the eyewear market. The company’s founders had thought that high demand would exist for mail-order supply as a low-cost alternative to purchasing contact lenses at optical outlets. However, the market share of NuVision continues to be much less than the retail stores. NuVision Lens has hired you as their marketing consultant. Outline the steps that you will take to formulate a problem statement and research objective on the above situation.
Q3. Your friend, Ms.Destiny Brown is the CEO and founder of ‘Hide and Chic’ an upscale leather goods store based in Houston, Texas. Ms. Brown is actively considering to expand her company’s product line to include sports accessories including golf gloves, premium quality leather grips for tennis, squash, racquetball, badminton rackets, leather sports bags, etc. She has hired you to undertake a marketing research study to determine whether a market exists among retail outlets and sporting goods distributors in Houston, for these specialty items under the ‘Hide and Chic’ brand name.
Define and describe the target population for this study?
Discuss the sampling methods that could be used in this study.
Recommend, with reasons, the most optimal sampling procedures for this study.
Q4. Farm Fresh Grocery’ (FFG) has always used paper bags for sacking groceries. However, management has noticed that some competitors are offering reusable bags to their customers. FFG management has asked you to find out if its current customers would prefer bringing the reusable bags every time they visit the FFG store. A) Select two projective techniques to use in your research. Give reasons for your choice. B) Describe in detail how your two chosen techniques would be applied to this research problem.
2.Exercise 4) A fair coin is tossed. If it lands heads, a fair four-sided die
is thrown (with values 2,3,4,7). If
2,3,4,7). If it lands tails, a fair six-sided die is
thrown (with values 3,4,5,6,7,9). Regardless of which die is used, Alice
eats n grains of rice, where n is the largest prime factor of the die result
(for example, the largest prime factor of 9 is 3).
(a) What is the conditional probability that the coin lands heads, given
that Alice eats three grains of rice?
(b) Suppose that the entire experiment is conducted twice on the following day (starting with a new coin toss on the second run-through).
What is the conditional probability that the coin lands heads on both
run-throughs, given that Alice eats a total of five grains of rice during the two run-throughs?
(Do not count the two grains from part (a) in part (b); we assume
two brand new experiments, each with a new coin toss. Start your
solution by defining a suitable partition of the sample space. Please
use an appropriate notation and/or justification in words, for each
value that you give as part of your solution.)
Exercise 5) Alice and Bob throw an unfair coin repeatedly, with probability 2/5 of landing heads. Alice starts with £2 and Bob starts with £3 .
Each time the unfair coin lands heads, Alice gives Bob £1 . Each time
the unfair coin lands tails, Bob gives Alice £1 . The game ends when one
player has £5 .
(a) Draw a labelled Markov chain describing the problem, and write
down a transition matrix P. Write down the communication classes,
and classify them as either recurrent or transient.
(b) Using the transition matrix, calculate the probability that Alice loses
all of her money in exactly four tosses of the unfair coin.
(c) Calculate the (total) probability that Alice loses all of her money
(before Bob loses all of his).
(d) Calculate the expected (mean) number of tosses of the unfair coin,
for the game to end.