Exam 5: Target Markets: Segmentation and Evaluation

Katy Ramirez is a marketer for a company that produces in-ground swimming pools. When forecasting company sales, she finds a direct association between past sales and per capita income. Which sales forecasting technique is being implemented by Katy?

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Question 1

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Why would a firm survey its sales force to forecast company sales? Why would it choose an expert forecasting survey?

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Question 2

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In a sales force forecasting survey, the firm's salespeople estimate anticipated sales in their territories for a specified period. A marketer may survey sales staff for several reasons, the most important being that the sales staff is the company personnel closest to customers on a daily basis. They therefore have first-hand knowledge about customers' product needs. Moreover, when sales representatives assist in developing the forecast, they are invested in the process and are more likely to work toward its achievement.
When a company wants an expert forecasting survey, it hires professionals to help prepare the sales forecast. These experts are usually economists, management consultants, advertising executives, college professors, or other individuals outside the firm with experience in a specific market. Drawing on this experience and their analyses of available information about the company and the market, experts prepare and present forecasts or answer questions. Using experts is a quick way to get information and is relatively inexpensive.

Why would a company use the undifferentiated strategy?

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Question 3

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With its Venus razor, Gillette was the first marketer to offer a triple blade razor specifically designed for women. This is an example of market segmentation using variables.

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Question 4

Eighteen-year-old students do not form a market for alcoholic beverages because they:

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Question 5

Segmentation variables are characteristics of individuals, groups, or organizations in a total market.

(True/False)

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Question 6

If Baskin-Robbins calculates that it could sell up to 25 percent of all ice cream cones sold in the United States, this percentage would represent the ice cream marketer's .

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Question 7

The term market density refers to the number of potential customers per unit of land area, such as per square mile.

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Question 8

Retail-site location analyses, unique product offerings, and special advertising campaigns are all examples of the use of:

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Question 9

A business advantage of the concentrated targeting strategy for any company is that it:

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Question 10

Which of the following is not one of the major categories of consumer market segmentation variables?

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Question 11

The ways in which customers use a particular product may be a basis for segmenting the market.

(True/False)

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Question 12

Population density and city size are variables used for market segmentation.

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Question 13

Estimating the cost of entering a market and focusing on a specific target segment is important because:

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Question 14

In order to be considered a market, people do not require:

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Question 15

Lifestyle analysis focuses on people's activities, interests, and opinions.

(True/False)

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Question 16

TimeWarner Cable uses a segmentation strategy for its cable TV packages based on market characteristics such as age, gender, or income. Which of the following segmentation variables is being implemented by this ?

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Question 17

Tiffany's markets its exclusive jewelry and gifts to high-income individuals interested in high-quality products and a well-known brand name. It uses the same marketing mix to reach this market. Tiffany's uses a (n) strategy.

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Question 18

Compare and contrast the concentrated and differentiated targeting strategies of market segmentation.

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Question 19

If Georgia-Pacific, a producer of home siding, decking, and other wood products, focused its marketing efforts to home construction companies only, it would be using a(n) strategy. If it sold the same products to both construction companies and DIY retailers such as Home Depot, it would be using a(n) strategy.

(Multiple Choice)

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Question 20

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Katy Ramirez is a marketer for a company that produces in-ground swimming pools. When forecasting company sales, she finds a direct association between past sales and per capita income. Which sales forecasting technique is being implemented by Katy?

Why would a firm survey its sales force to forecast company sales? Why would it choose an expert forecasting survey?

Why would a company use the undifferentiated strategy?

With its Venus razor, Gillette was the first marketer to offer a triple blade razor specifically designed for women. This is an example of market segmentation using variables.

Eighteen-year-old students do not form a market for alcoholic beverages because they:

Segmentation variables are characteristics of individuals, groups, or organizations in a total market.

If Baskin-Robbins calculates that it could sell up to 25 percent of all ice cream cones sold in the United States, this percentage would represent the ice cream marketer's .

The term market density refers to the number of potential customers per unit of land area, such as per square mile.

Retail-site location analyses, unique product offerings, and special advertising campaigns are all examples of the use of:

A business advantage of the concentrated targeting strategy for any company is that it:

Which of the following is not one of the major categories of consumer market segmentation variables?

The ways in which customers use a particular product may be a basis for segmenting the market.

Population density and city size are variables used for market segmentation.

Estimating the cost of entering a market and focusing on a specific target segment is important because:

In order to be considered a market, people do not require:

Lifestyle analysis focuses on people's activities, interests, and opinions.

TimeWarner Cable uses a segmentation strategy for its cable TV packages based on market characteristics such as age, gender, or income. Which of the following segmentation variables is being implemented by this ?

Tiffany's markets its exclusive jewelry and gifts to high-income individuals interested in high-quality products and a well-known brand name. It uses the same marketing mix to reach this market. Tiffany's uses a (n) strategy.

Compare and contrast the concentrated and differentiated targeting strategies of market segmentation.

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