Marketing Research in High-Tech Markets

What is a prototype in product development?

• A model of the ultimate product/service

• A final product ready for sale

• A product idea in development

• A marketing strategy

Answer explanation

A prototype is a model of the ultimate product/service, not the final product ready for sale or just an idea in development. It serves as a representation of the final product/service.

What is the purpose of prototype testing?

• To increase production costs

• To test customer reaction to the product idea

• To finalize the product design

• To eliminate competition

Answer explanation

Prototype testing is conducted to test customer reaction to the product idea, helping to gather feedback and make necessary improvements before finalizing the product design.

What is the information acceleration technique mentioned in the text?

• Competitor analysis

• Market survey analysis

• Physical testing of prototypes

• Virtual representation of a new product

Answer explanation

The information acceleration technique mentioned in the text is the virtual representation of a new product, which allows for faster development and testing without the need for physical prototypes.

What does biomimicry involve in the field of architecture?

• Emulating ideas from the natural world

• Copying existing architectural designs

• Avoiding innovation in building structures

• Ignoring customer feedback in construction projects

Answer explanation

Biomimicry involves emulating ideas from the natural world, not copying existing products, avoiding innovation, or ignoring customer feedback.

What is the benefit of biomimicry mentioned in the text?

• Increased waste

• Higher production costs

• Lower energy efficiency

• Sustainable designs

Answer explanation

The benefit of biomimicry mentioned in the text is sustainable designs, which mimic nature's solutions to create environmentally friendly and efficient products.

What is the Bass Model used for in forecasting?

• Predicting customer preferences

• Analyzing historical data

• Estimating production costs

• Forecasting sales of new technology

Answer explanation

The Bass Model is used for forecasting sales of new technology, making it the correct choice among the options provided.

What is the Delphi method used for in forecasting?

• Testing prototypes

• Relying on a panel of experts

• Analyzing market trends

• Conducting customer surveys

Answer explanation

The Delphi method in forecasting involves relying on a panel of experts to gather insights and make predictions, rather than testing prototypes, analyzing market trends, or conducting customer surveys.

What is the main challenge in forecasting high-tech markets?

• Low competition

• Overwhelming customer feedback

• Lack of historical data

• High production costs

Answer explanation

The main challenge in forecasting high-tech markets is the lack of historical data, which makes it difficult to analyze trends and make accurate predictions.

What is the role of early adopters in the Bass Model?

• Rely on mass media

• Rely on interpersonal communication

• Both A and B

• None of the above

Answer explanation

Early adopters in the Bass Model rely on both mass media and interpersonal communication to influence the adoption of a new product or innovation.

What is the main hazard mentioned in forecasting high-tech markets?

• Low competition

• Clear customer preferences

• Lack of historical data

• Accurate forecasting

Answer explanation

The main hazard mentioned in forecasting high-tech markets is the lack of historical data, which makes accurate forecasting challenging.