L1

Question 1

What is a decision problem?

Answer 1

these are on “what shall we do?”
Should XX do XX?

Question 2

what are research problems?

Answer 2

These are on “what information do we need? “
What is the demand for XX?

Question 3

What is primary data and the advantages and disadvantages?

Answer 3

Primary data is new data gathered to help solve the problem like surveys
Advantages: variables you want in your study and up to date
Disadvantage: costly, time consuming, smaller samples

Question 4

What is secondary data and the advantages and disadvantages?

Answer 4

Data that has been previously gathered like reviews on other sites.
Advantages: behavioral data, cheap, rapidly available, big sample
Disadvantage: not the variables you want to study, collection process, biased questions, outdated

Question 5

exploratory vs descirptive vs causal?

Answer 5

1. Exploratory is the in-depth interviews with consumers to understand how they evaluate nutritional information
2. Descriptive is the surveys with prospective consumers to evaluate the impact of nutritional labels on attitudes toward food options
3. Causal is Experiment with the current consumers to examine the influence of nutritional labels on sales of food items