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Market Research MCQs

What is the Markov Model?

A process using matrices to find the probability of users in one brand category switching to a different brand the next time they buy in that category

A focus group conducted with four to six participants

A binary model of regression analysis that utilizes an S-shaped curve. For each question, responses can only be one of two options

The process of dividing a market by a measurable characteristic to be able to identify a consumer that is within the target market

Answer

Correct Answer: A process using matrices to find the probability of users in one brand category switching to a different brand the next time they buy in that category

Explanation:

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