Name: Class: Date: 5. Use Figure What percent of respondents felt LC Motors charged too much for service? a. 7% b. 8% c. 31% d.

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1 Indicate the answer choice that best completes the statement or answers the question. Figure Use this table with the question(s) below, as needed. 1. Use Figure What percent of respondents are most likely to buy this product between the present time and next year? a. 25% b. 32% c. 58% d. 88% 2. Use Figure What percent of these respondents indicate that they really don t like this product? a. 12% b. 27% c. 42% d. 57% 3. Use Figure Carmelita Diaz had predicted that 300 people would indicate that they would be likely to buy the product between the present time and next year. Determine the absolute error and the relative error. a. Absolute, 9; Relative 3.2% b. Absolute, 11; Relative 3.8% c. Absolute, 15; Relative 4.5% d. Absolute, 16; Relative 4.7% Figure Use this table with the question(s) below, as needed. 4. Use Figure The marketing director for LC Motor Sales predicted that the number of customers who felt the location was not convenient would be 25. Determine the relative error. a % b % c % d % 5. Use Figure What percent of respondents felt LC Motors charged too much for service? a. 7% b. 8% c. 31% d. 37% Powered by Cognero Page 1

2 6. Out of 2,700 office workers in a marketing research study, 953 preferred a new computer printer ink cartridge. The estimated market size is 1,700,000. An office worker uses about 42 ink cartridges each year. What is the annual sales potential rounded to the nearest hundred thousand? a. 25,200,000 cartridges b. 28,300,000 cartridges c. 35,700,000 cartridges d. 71,400,000 cartridges 7. At a mall food court 750 teenagers tested Tasty, a new fruit snack. Of these teenagers 267 said they would buy Tasty if it was sold at the mall. Gooey Candy Company, manufacturers of Tasty, estimates that 32,000,000 teenagers regularly go to malls. They also estimate that teenagers would buy Tasty once a week. What is the weekly sales potential? a. 10,654,000 b. 11,392,000 c. 80,053,000 d. 456,000, Lenses Inc. recently introduced SeeLites, a thinner lens for eyeglasses. Of a sample of 800 eyeglass wearers, 246 said they would purchase their next pair of eyeglasses with the new lenses. Lenses Inc. estimates that the number of people who purchase eyeglasses in a year is 1,700,000. Most eyeglass wearers buy one new pair of eyeglasses a year. What is the annual sales potential for the new lenses? a. 197,000 b. 522,750 c. 850,250 d. 1,700, WT Sports Store sells approximately 135 outdoor gas grills annually. Overall, in the same town, all outlets for gas grills sell approximately 850 annually. What market share does WT Sports have for gas grills in this town? a. 7.9% b. 9.2% c. 15.9% d. 31.8% 10. Tall Tex Electronics produced a new game software. Sales of this software amounted to approximately $813,000 last year. Total market sales for electronic games of this type amounted to about $17,400,000 last year. What share of the market did Tall Tex Electronics get for this software? a. 2.7% b. 4.7% c. 8.7% d. 7.4% 11. The manufacturers of Yum Yogurt have planned a TV ad campaign focusing on a show popular with teenagers. Ad rates during this TV show are $146,000 for a 30-second ad. Yum will be advertised during each of the next 20 segments of the show in one 30-second spot per segment. What is the total campaign cost? a. $1,460,000 b. $1,830,000 c. $2,920,000 d. $3,650, A new cereal will be advertised in 30-second spots during morning children s TV shows for the next 60 days. One ad will appear on each of 3 shows each day. Daytime advertising rates are $1,200 per 30-second spot. How much will this campaign cost? a. $216,000 b. $256,000 c. $285,600 d. $291,300 Powered by Cognero Page 2

3 Match the terms with the descriptions. a. product test b. opinion research firm c. opinion survey d. sales potential e. sample f. market g. market share h. sales projection 13. A selected group of people who try out a new product 14. The total number of people who might purchase a product 15. Questions asked in order to find out how likely a product is to sell or be used 16. An estimate of the dollar volume or unit sales that might occur during a future time period 17. The percent of the market that purchases a product instead of the competition s product 18. Specializes in product testing and opinion surveys 19. When a market researcher asks a group of people to try a product 20. An estimate of the sales volume of a product during a specific period of time 21. Beach Supply Company sells about 1.4 million beach umbrellas per year. The total annual sales of beach umbrellas in the entire market are 6.2 million. What is Beach Supply s share of the market? Round to the nearest tenth of a percent. 22. Longwood Photo and Hobby sold $465,000 worth of digital cameras last year. The total market for these cameras was $2,560,000. What market share did Longwood s command? Round to the nearest tenth of a percent. 23. LTS Company estimates it has a 17% share of the market for office desk lamps in the metropolitan area. Estimated sales for desk lamps for the market for the coming year are $1,320,000. What is LTS Company s projected sales? Powered by Cognero Page 3

4 24. ALGEBRA Snappy Gifts seeks a possible net profit of $32,400 on its new glitter gift bag. The fixed costs for the production of the bag are $184,000 while the variable cost per unit is $1.20. If the estimated unit sales are 395,000 units, what selling price per unit should Snappy try? 25. A local sporting goods store will advertise baseball equipment during evening news broadcasts. Advertising rates during news broadcasts run $3,400 per 30-second spot on weekdays. The store is planning 12 weekday spots of 30 seconds each. What is the total campaign cost? Powered by Cognero Page 4

5 Answer Key 1. c 2. a 3. b 4. b 5. c 6. a 7. b 8. b 9. c 10. b 11. c 12. a 13. e 14. f 15. c 16. h 17. g 18. b 19. a 20. d % % 23. $224, $ $40,800 Powered by Cognero Page 5