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Market Research Analyst Mock Interview

Question 20 of 25 for our Market Research Analyst Mock Interview

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Question 20 of 25

How would you determine if the price of X product is truly the deciding factor for the consumer?

There are many aspects of a product that make it valuable to its target market. First, you need to understand the buying habits of the consumer. Typically a product is designed based on a need. Some consumers will pay anything for a product. However, they may choose a particular brand because it's more reliable, durable, tastes better... the possibilities are endless. In our rapidly evolving marketplace, you would need to analyze the product against its competitors. How are they doing in sales? What do the competitors have that they don't? How do their prices compare?

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How to Answer: How would you determine if the price of X product is truly the deciding factor for the consumer?

Advice and answer examples written specifically for a Market Research Analyst job interview.

  • 20. How would you determine if the price of X product is truly the deciding factor for the consumer?

      How to Answer

      There are many aspects of a product that make it valuable to its target market. First, you need to understand the buying habits of the consumer. Typically a product is designed based on a need. Some consumers will pay anything for a product. However, they may choose a particular brand because it's more reliable, durable, tastes better... the possibilities are endless. In our rapidly evolving marketplace, you would need to analyze the product against its competitors. How are they doing in sales? What do the competitors have that they don't? How do their prices compare?

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