FM330 FINAL – FIRST INSIGHT
TEST QUESTIONS AND ANSWERS
What is the primary function of First Insight? - ANSWER Cuts sampling or
testing costs ahead of when a product hits the selling floor
How is First Insight different from market reaserch? - ANSWER getting direct
to consumer feedback. test an objective, faster turnaround time. It uses an
algorithm that is weighted and filtered to give you an accurate and predictable
read.
What did retailers use before First Insight? - ANSWER Historical sales data &
in-store testing.
What are some of the ACTIONABLE outcomes First Insight gives you? -
ANSWER Price, speed, scale, opinions/design changes.
5-step process of using First Insight - ANSWER 1. set objective 2. select items
3. publish game 4. engage respondents 5. gain insight
What is the tool to engage respondents for customers? - ANSWER "game"
sounds more fun and is more likely to engage people.
What was the tool we used for our class? - ANSWER Pick & price.
What does Pick & Price allow you to do? - ANSWER Able to see winners,
losers, and inform pricing decisions
Benefits of adding cost in addition to retail? - ANSWER Able to see margins.
What is AUR? - ANSWER Average unit retail. helps you to assess wat the
market will bear and what the customer will pay for it
What are the 5 value-drivers? - ANSWER 1. Price
TEST QUESTIONS AND ANSWERS
What is the primary function of First Insight? - ANSWER Cuts sampling or
testing costs ahead of when a product hits the selling floor
How is First Insight different from market reaserch? - ANSWER getting direct
to consumer feedback. test an objective, faster turnaround time. It uses an
algorithm that is weighted and filtered to give you an accurate and predictable
read.
What did retailers use before First Insight? - ANSWER Historical sales data &
in-store testing.
What are some of the ACTIONABLE outcomes First Insight gives you? -
ANSWER Price, speed, scale, opinions/design changes.
5-step process of using First Insight - ANSWER 1. set objective 2. select items
3. publish game 4. engage respondents 5. gain insight
What is the tool to engage respondents for customers? - ANSWER "game"
sounds more fun and is more likely to engage people.
What was the tool we used for our class? - ANSWER Pick & price.
What does Pick & Price allow you to do? - ANSWER Able to see winners,
losers, and inform pricing decisions
Benefits of adding cost in addition to retail? - ANSWER Able to see margins.
What is AUR? - ANSWER Average unit retail. helps you to assess wat the
market will bear and what the customer will pay for it
What are the 5 value-drivers? - ANSWER 1. Price
