Exam 5: Target Market Segmentation and Evaluation

Guess? will be spending $22 million on marketing activities next year and expects to sell 30 million pairs of jeans. These 30 million pairs represent the company's

The buildup approach measure of sales potential

Why would a company use the undifferentiated strategy?

Which of the following sales forecasting techniques would generally be most suitable for estimating sales of a new product?

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

Refer to Scenario 5.1. In calculating the sales forecast for the next year, marketers at Lil' Angels use data from the past five years in order to identify any trends that surface. Additionally, marketers want to find out what family variables relate to those sales. Which of the following variables should the marketers use in relating to sales? What type of forecast method will they be using to relate the variables to sales trends?

The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchase response is

Beats by Dr. Dre (Beats), is a leading audio brand founded in 2006 by Dr. Dre and Jimmy Iovine and was acquired by Apple Inc. in 2014. Beats has become a favorite brand among consumers who enjoy listening to music and somewhat of a status brand. The company markets a variety of products including headphones, earphones, speakers, and accessories. The product managers for the Beats product groups are involved in the sales forecast process for their products which is important to ensuring strong support for retailers and customers as well as to achieve sales objectives. The product managers hire experts create initial forecasts, submit them to the company for averaging, and have the results returned to them so they can make individual refined forecasts. The procedure is iterative and may be repeated several times until the experts who are working independently reach a consensus. The process typically results in a very reliable sales forecast. What type of sales forecasting method do the product managers of Beats use?

Mattel views the toy market as composed of four age groupings, each with different needs and desires. Mattel is using a(n) ____ targeting strategy for its groups, which are known as _____.

When a firm designs a single marketing mix and directs it at an entire market for a particular product, the company is using a(n) ____ strategy.

Generally speaking, individuals who are unemployed would not be considered a target market for lawn care services because

The purpose of market segmentation is to

The marketer uses segmentation variables to divide a market into segments. All of the following statements are true about segmentation variables except:

Which of the following is not a requirement or characteristic of a market?

If Morton Salt saw all table salt customers as pretty much alike and thus offered only one marketing mix, it would be using the ____ strategy.

It is likely that during the fifth step of the target market selection process, marketers will decide not to enter and compete in any market segments.

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

The primary advantage of a concentrated targeting strategy is

Several conditions must exist for market segmentation to be successful. These conditions include all of the following except

When a business has a relatively small number of customers, a preferred method of forecasting is