Essay Questions. Five Questions. Management Assignment.

Essay Questions
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Essay Questions
Question 1
The Consumer Price Index makes for one of the essential tools for evaluating the efficacy of the government’s set economic policies and the overall economic performance of a nation. In essence, the CPI is a measurement of the average prices of a given set of consumer goods and services, also referred to as a basket of goods, by summing up the price changes of the identified items and finding the average prices of the same. It functions to highlight or determine whether or not a country is facing inflation or deflation (U.S. Bureau of Labor Statistics, 2020). Increased average price changes for items within the basket of goods indicate higher rates of inflation. The CPI is also an integral factor in determining the consumer’s purchasing power as higher price levels for items in the identified basket of goods reflect negatively on the consumers’ purchasing power. It also serves as an effective platform for evaluating and adjusting the government’s policies for determining people’s eligibility for welfare assistance. The outlined functions play significant roles in the analysis and interpretation of diverse market information for investment.
Question 2
Among the advantages of using publicly available information for private sector marketing research and intelligence reporting is that it is readily available and thus a more cost-effective alternative that saves on the firm's time and financial resources. The use of such information further saves on the effort invested in conducting research and collecting data for private market research and analysis. The use of publicly available data also allows enough time for researchers to engage in extensive analysis and evaluation of the available data. The publicly available data further provides a wider breadth of data for researchers to utilize in the analysis of the market data.
The demerits of using the publicly available data include the limitations of the available information towards meeting the desired outcomes for a private sector’s intelligence and market research. It may also be difficult for the researchers to identify the set data that answers the research questions for private sector marketing research and intelligence reporting. The publicly available data and information pose the challenge of establishing whether or not the details of the research methodologies used in the same were executed as indicated. It is also challenging to establish the quality of the information and data available on the public platforms. The use of publicly available information and data may be cost-effective and provide a more comprehensive breadth of knowledge, but the challenge of validating the information contained in such platforms limit their use as the main source of data in private sector marketing research and intelligence reporting.
Question 3
One of the steps for reducing the different types of bias in the collection and reporting on ...