Question

Consider the following scenario and identify which formal research method would be appropriate.

Your division has been asked to compile a recommendation for the price point for an innovative software application. You need to know how much customers will be willing to pay and under what circumstances.

a) Conduct a scientific experiment.
b) Access traditional sources and electronic sources.
c) Conduct primary research for firsthand information.

Answer 1

Option C

Step-by-step explanation:

The subject company should conduct a primary research, that is, a firsthand research by itself . In the given case the company is willing to introduce a whole new product to the market, thus they do not have any information regarding the preferences or behavior of their customer.

Scientific experiment would not be feasible as any input data could not be stated as accurate and due to the whole new segment traditional sources of information are of no use also.