PACE Market Research & Competitive Analysis 3 — Questions and Answers
Question 1: A contact center benchmarks its First Call Resolution (FCR) rate against industry peers. Which type of benchmarking is this?
- Internal benchmarking
- Competitive benchmarking (Correct answer)
- Functional benchmarking
- Generic benchmarking
Correct answer: Competitive benchmarking
Competitive benchmarking compares your performance metrics directly against industry peers or direct competitors.
Question 2: Which statistical measure should a researcher use to identify the most frequently selected response in a customer satisfaction survey?
- Mean
- Median
- Mode (Correct answer)
- Standard deviation
Correct answer: Mode
The mode identifies the most frequently occurring value in a dataset, making it ideal for categorical survey responses.
Question 3: A researcher uses mystery shopping to evaluate a competitor's customer service. This technique primarily provides:
- Quantitative financial data
- First-hand observational data on the competitor's service experience (Correct answer)
- Customer demographic profiles
- Industry trend forecasts
Correct answer: First-hand observational data on the competitor's service experience
Mystery shopping generates direct observational data about the actual customer experience delivered by a competitor.
Question 4: Which type of research question is BEST answered through a quantitative survey with a large sample size?
- Why do customers feel frustrated during escalations?
- What percentage of customers would recommend us to a friend? (Correct answer)
- How do agents emotionally handle difficult calls?
- What underlying fears drive customer churn?
Correct answer: What percentage of customers would recommend us to a friend?
Quantitative surveys with large samples are ideal for measuring prevalence and percentages, such as likelihood-to-recommend rates.
Question 5: In competitive analysis, 'share of voice' refers to:
- The percentage of inbound calls an agent handles per shift
- A brand's presence in the market relative to total category advertising or mentions (Correct answer)
- The ratio of positive to negative customer reviews
- The number of languages a competitor's IVR supports
Correct answer: A brand's presence in the market relative to total category advertising or mentions
Share of voice measures how much of the overall conversation or advertising in a market belongs to one brand versus all competitors.
Question 6: A firm wants to predict future customer churn using historical data. Which analytical approach is MOST suitable?
- Descriptive analytics
- Diagnostic analytics
- Predictive analytics (Correct answer)
- Prescriptive analytics
Correct answer: Predictive analytics
Predictive analytics uses historical data and statistical models to forecast future outcomes like customer churn.
Question 7: When reviewing a competitor's annual report as part of a competitive analysis, a PACE professional should be aware that this source is MOST likely to:
- Reveal confidential pricing strategies
- Present information in a favorable light to investors (Correct answer)
- Contain unbiased third-party assessments
- Include detailed agent performance data
Correct answer: Present information in a favorable light to investors
Annual reports are public-facing documents written to reassure investors, so they tend to emphasize positive performance and downplay weaknesses.
PACE Market Research & Competitive Analysis 3
A contact center benchmarks its First Call Resolution (FCR) rate against industry peers.
Which type of benchmarking is this?