Exam 5: Target Market Segmentation and Evaluation

The amount of product a company expects to sell during a specific period at a specified level of marketing activity is called the

The maximum percentage of market potential that an individual firm can expect to obtain for a specific product is the

Taco Bell has been very inventive in partnering with companies such as Frito Lay to create new menu items. Recently Taco Bell developed the Nacho Cheese Doritos Locos Tacos, a Taco Supreme® made with premium seasoned beef, crisp lettuce, diced juicy red ripe tomatoes, real cheddar cheese, and topped with cool reduced-fat sour cream, in a shell made from Nacho Cheese Doritos® Chips. Prior to the partnership and roll-out of product throughout the Taco Bell system, a _______ was conducted where several "test" stores carried the products for a limited time and Taco Bell and Frito Lay could measure the actual sales to gauge the strength of the brand and opportunity for success.

A differentiated targeting strategy is when the organization targets two or more markets by developing a single marketing mix.

Discuss the differences between the breakdown and buildup approaches to measuring company sales potential. What are the similarities between these two approaches?

Meghan would like to open a house cleaning business and is considering several market segments. She has identified four segments for consideration; young, urban singles, young married professionals, senior citizens, and college students. She has just completed an analysis of these four segments by assessing such factors as sales estimates, competition, and estimated costs. Meghan is now ready for the next step in the target market selection process, which is to

The first step in the target market selection process is

The target market selection process involves _______ steps. The first step is ____________, and the last step is _____________.

The forecasting techniques that assume past sales patterns will continue into the future are all variations of

The Guitar Center is a music superstore selling instruments, sound equipment, lighting, DJ, as well as band and orchestra products. The Guitar Center plans to continue its growth across the country by opening 15 to 20 new stores each year. The Guitar Center has recognized that they have several market segments including professional musicians, DJ businesses, as well as consumers who purchase instruments for school band and orchestra and has developed a detailed description of the various customer segments. These detailed descriptions include information such as demographic characteristics-age, income, and education level, as well as an individual's preferences regarding what brands of instruments they purchase, how frequently they visit the store to make a purchase, how much time they spend in the store, and the percent of time they select The Guitar Center to make a purchase. What step in the target market selection process has The Guitar Center completed by describing their target market customers?

When evaluating relevant market segments, cost estimates are important to determine if an organization entering a particular segment can operate at costs equal to or below those of competitors.

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

Intuition and expediency are primary characteristics of which of the following sales forecasting methods?

To find a target market, a firm can use one of these targeting strategies.

Demographic variables such as income and occupation, as well as how people spend their time and the importance of things in their surroundings, are all factors considered in ____ segmentation.

The undifferentiated strategy can be effective for an organization that has a homogeneous market and can develop and maintain a single marketing mix.

When a company has its sales forecasts prepared by management consultants, economists, or college professors, it is using a(n)

Subaru is producing a new seven-passenger van with all-wheel drive. Which of the following would be the best variables for segmenting the market for this new model?

A widely used system for classifying individuals on the basis of lifestyle is

If a company segments its market on the basis of their reasons for purchasing a particular product, the primary segmentation variable in use is