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CIPS Exam L4M2 Topic 1 Question 51 Discussion

Actual exam question for CIPS's L4M2 exam
Question #: 51
Topic #: 1
[All L4M2 Questions]

A food manufacturer wants to predict the pricing point for a new and innovative health drink. Which method of market research would be beneficial to receive the most accurate information?

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Suggested Answer: B

Consumer data provides specific, measurable insights into purchasing behavior, preferences, and willingness to pay. This is the most accurate method for setting a pricing strategy, as it uses real-world data rather than subjective opinions or generic trends. Reference: CIPS Level 4, Market Research Techniques.


by Corrie at Dec 06, 2024, 03:19 PM

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Avery
1 months ago
I dunno, maybe they should just put the drink in a blender and see how much people are willing to pay for a smoothie. That's market research, right?
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Dorathy
1 months ago
Focus groups? More like confusion groups, am I right? Ha! But seriously, you gotta go with the data on this one.
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Tawna
1 months ago
Internet searches? Come on, that's just gonna tell you what people are googling, not what they're actually willing to spend money on.
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Melita
1 months ago
How about sales trends? That'll show you what's working in the market already. Plus, it's data you can really sink your teeth into.
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Lawrence
20 days ago
Consumer data might give a more detailed analysis of customer preferences.
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Geoffrey
23 days ago
Focus groups could also provide direct feedback from potential customers.
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Veda
24 days ago
I agree, looking at what's already selling can give valuable insights.
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Jettie
27 days ago
Sales trends would be a great method to predict pricing.
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Royal
2 months ago
I think sales trends would be the most beneficial method to use.
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Latia
2 months ago
I believe consumer data would be more accurate in predicting pricing.
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Haley
2 months ago
Nah, consumer data is the way to go. That will give you hard numbers on what people are willing to pay for similar products.
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Dominga
20 days ago
Internet searches might not be as reliable as consumer data for predicting pricing.
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Staci
26 days ago
Sales trends could also provide valuable insights into pricing strategies.
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Jina
1 months ago
I agree, focus groups can be helpful too to understand consumer preferences.
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Laurena
1 months ago
Consumer data is definitely the way to go. It will give us solid numbers on pricing.
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Tamie
2 months ago
I agree with Elbert, focus groups can provide direct feedback.
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Vivienne
2 months ago
I think focus groups would be the way to go. You get direct feedback from consumers and can really dig into their preferences.
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Reita
2 months ago
D: Internet searches could help us understand what consumers are looking for online.
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Esteban
2 months ago
C: Sales trends might give us an idea of how the market is currently behaving.
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Whitley
2 months ago
B: Consumer data could also be useful to analyze past purchasing behavior.
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Dalene
2 months ago
A: I agree, focus groups would provide valuable insights from consumers.
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Elbert
3 months ago
I think focus groups would be the best method.
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