Question 1 Imagine you are a product manager who wants to analyze the market response for your product, a face wash. a) There are many factors that influence the demand for this product which could be regarded as independent variables or the marketing activities. Using suitable examples, describe the three (3) potential variables. (3 marks) b) A typical dependent variable of a market response function is demand or its sales volume. Suggest two more variables. (2 marks) Given the following data, name the most suitable market response model and justify your answer. Tips : Use Excel Solver. (5 Marks) 7 19 5 21 3 4 Y 18 30 11 25 17 30 20 20 18 00 1 12 Question 1 Imagine you are a product manager who wants to analyze the market response for your product, a face wash. a) There are many factors that influence the demand for this product which could be regarded as independent variables or the marketing activities. Using suitable examples, describe the three (3) potential variables. (3 marks) b) A typical dependent variable of a market response function is demand or its sales volume. Suggest two more variables. (2 marks) Given the following data, name the most suitable market response model and justify your answer. Tips : Use Excel Solver. (5 Marks) 7 19 5 21 3 4 Y 18 30 11 25 17 30 20 20 18 00 1 12