Question 1

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

Accepted Answer

The answer of Why would a firm survey its sales...

Question 2

Bethlehem Steel provides steel for a variety of uses to its various customers.Customers have different needs for the steel and thus Bethlehem has to prepare the raw steel differently depending on how customers will use it in their production processes.The primary business segmentation variable in this example is

Accepted Answer

A) geographic location. 
B) customer size. 
C) product use. 
D) customer importance. 
E) organization classification. 
A) geographic location. 
B) customer size. 
C) product use. 
D) customer importance. 
E) organization classification.

Question 3

There are only two basic strategies for selecting target markets: the undifferentiated targeting strategy and the concentrated targeting strategy.

Accepted Answer

A) True 
 B)False

Question 4

Market potential is the amount of a product that an organization could sell during a specified time period.

Accepted Answer

A) True 
 B)False

Question 5

In order to be considered a market,people do not have to have

Accepted Answer

A) a need or desire for a particular product. 
B) the ability to purchase the product. 
C) discretionary income to purchase the product. 
D) the willingness to use their buying power. 
E) the authority to buy the specific products. 
A) a need or desire for a particular product. 
B) the ability to purchase the product. 
C) discretionary income to purchase the product. 
D) the willingness to use their buying power. 
E) the authority to buy the specific products.

Question 6

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

Accepted Answer

A) Demographic characteristics 
B) Geographic variables 
C) Psychographic dimensions 
D) Situational variables 
E) Behavioristic characteristics 
A) Demographic characteristics 
B) Geographic variables 
C) Psychographic dimensions 
D) Situational variables 
E) Behavioristic characteristics

Question 7

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.

Accepted Answer

A) True 
 B)False

Question 8

Scenario 6.1
Use the following to answer the questions.
Lil' Angels Kids Spa offers various treatments designed to appeal to the younger customer.Treatment options include manicures,pedicures,facials,tea parties,and dress up photos.Parents can even purchase a birthday party package.Currently,Lil' Angels offers its services only to girls under the age of 14.Originally begun in Delaware,Lil' Angels is considering opening its spa/salons in other parts of the country and is planning to expand its offerings to girls aged 14 to 17.The company realizes that some changes may be needed.For example,management wants to find out if the older girls will be interested in their birthday party and tea party services.
-Refer to Scenario 6.1.Which of the following best describes Lil' Angels' current approach to the market?

Accepted Answer

A) It is segmenting the market according to demographic variables. 
B) It is segmenting the market according to product-related variables. 
C) It has chosen a segment that is not identifiable and divisible. 
D) Its market is impossible to reach because of legal constraints. 
E) It is not segmenting the market but is attempting to reach everyone with the product. 
A) It is segmenting the market according to demographic variables. 
B) It is segmenting the market according to product-related variables. 
C) It has chosen a segment that is not identifiable and divisible. 
D) Its market is impossible to reach because of legal constraints. 
E) It is not segmenting the market but is attempting to reach everyone with the product.

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) identify the appropriate targeting strategy. 
B) determine which segmentation variables to use. 
C) develop market segment profiles. 
D) evaluate relevant market segments. 
E) select specific target markets. 
A) identify the appropriate targeting strategy. 
B) determine which segmentation variables to use. 
C) develop market segment profiles. 
D) evaluate relevant market segments. 
E) select specific target markets.

Question 11

A marketer may segment a market in terms of the benefits that customers expect to receive from a particular product.

Accepted Answer

A) True 
 B)False

Question 12

Through marketing newsprint to newspaper publishers and glass manufacturers that use it in packing,International Paper segments its market based on

Accepted Answer

A) customer size. 
B) psychographics. 
C) demographics. 
D) use of product. 
E) geographic location. 
A) customer size. 
B) psychographics. 
C) demographics. 
D) use of product. 
E) geographic location.

Question 13

Alli segments its diet pills based on those who have morning cravings,those who tend to overeat near the end of the day,those who need all day long appetite suppression,and those who want appetite control and more energy.This is an example of market segmentation based on variables of

Accepted Answer

A) demographics. 
B) lifestyles. 
C) psychographics. 
D) behavior. 
E) personality characteristics. 
A) demographics. 
B) lifestyles. 
C) psychographics. 
D) behavior. 
E) personality characteristics.

Question 14

Using the breakdown approach to sales potential,estimates are made

Accepted Answer

A) by referring to specific geographic factors. 
B) by establishing levels of marketing effort that will be required to achieve specific levels of sales. 
C) without reference to industry marketing efforts. 
D) without reference to general economic conditions. 
E) by starting with general economic conditions. 
A) by referring to specific geographic factors. 
B) by establishing levels of marketing effort that will be required to achieve specific levels of sales. 
C) without reference to industry marketing efforts. 
D) without reference to general economic conditions. 
E) by starting with general economic conditions.

Question 15

The psychographic variable that includes numerous characteristics related to people's activities,interests,and opinion is

Accepted Answer

A) motive. 
B) social class. 
C) personality. 
D) stage in family life cycle. 
E) lifestyle. 
A) motive. 
B) social class. 
C) personality. 
D) stage in family life cycle. 
E) lifestyle.

Question 16

Lifestyle is a product-related variable.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A) Executive judgment 
B) Customer surveys 
C) Time series analysis 
D) Market tests 
E) Regression methods 
A) Executive judgment 
B) Customer surveys 
C) Time series analysis 
D) Market tests 
E) Regression methods

Question 18

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

Accepted Answer

A) target growth rate. 
B) sales forecast. 
C) sales objective. 
D) company sales potential. 
E) market potential. 
A) target growth rate. 
B) sales forecast. 
C) sales objective. 
D) company sales potential. 
E) market potential.

Question 19

Characteristics of individuals,groups,or organizations that are used for dividing a total market into smaller homogeneous groups are called ____ variables.

Accepted Answer

A) marketing 
B) classification 
C) segmentation 
D) stratification 
E) dividing 
A) marketing 
B) classification 
C) segmentation 
D) stratification 
E) dividing

Question 20

The most important reason that a firm might use a sales force forecasting survey to determine its sales forecast is

Accepted Answer

A) salespeople are generally optimistic about the future and will provide excellent forecast targets. 
B) most salespeople tend to have a pessimistic outlook,which is more likely to result in an achievable sales forecast. 
C) this tends to be the fastest way to determine a good sales forecast for the upcoming period. 
D) the averaging and other statistical techniques applied to these forecasts result in extremely accurate numbers. 
E) the sales staff is closer to the actual customers on a regular basis than anyone else in the organization. 
A) salespeople are generally optimistic about the future and will provide excellent forecast targets. 
B) most salespeople tend to have a pessimistic outlook,which is more likely to result in an achievable sales forecast. 
C) this tends to be the fastest way to determine a good sales forecast for the upcoming period. 
D) the averaging and other statistical techniques applied to these forecasts result in extremely accurate numbers. 
E) the sales staff is closer to the actual customers on a regular basis than anyone else in the organization.

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

There are only two basic strategies for selecting target markets: the undifferentiated targeting strategy and the concentrated targeting strategy.

Market potential is the amount of a product that an organization could sell during a specified time period.

In order to be considered a market,people do not have to have

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

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.

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

A marketer may segment a market in terms of the benefits that customers expect to receive from a particular product.

Through marketing newsprint to newspaper publishers and glass manufacturers that use it in packing,International Paper segments its market based on

Alli segments its diet pills based on those who have morning cravings,those who tend to overeat near the end of the day,those who need all day long appetite suppression,and those who want appetite control and more energy.This is an example of market segmentation based on variables of

Using the breakdown approach to sales potential,estimates are made

The psychographic variable that includes numerous characteristics related to people's activities,interests,and opinion is

Lifestyle is a product-related variable.

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

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

Characteristics of individuals,groups,or organizations that are used for dividing a total market into smaller homogeneous groups are called ____ variables.

The most important reason that a firm might use a sales force forecasting survey to determine its sales forecast is

An Overview of Strategic Marketing

Planning, Implementing, and Evaluating Marketing Strategies

The Marketing Environment

Social Responsibility and Ethics in Marketing

Marketing Research and Information Systems

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product Concepts

Developing and Managing Products

Services Marketing

Branding and Packaging

Marketing Channels and Supply-Chain Management

Retailing, direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Setting Prices

Filters

Exam 6: Target Markets: Segmentation and Evaluation

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

There are only two basic strategies for selecting target markets: the undifferentiated targeting strategy and the concentrated targeting strategy.

Market potential is the amount of a product that an organization could sell during a specified time period.

In order to be considered a market,people do not have to have

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

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.

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

A marketer may segment a market in terms of the benefits that customers expect to receive from a particular product.

Through marketing newsprint to newspaper publishers and glass manufacturers that use it in packing,International Paper segments its market based on

Alli segments its diet pills based on those who have morning cravings,those who tend to overeat near the end of the day,those who need all day long appetite suppression,and those who want appetite control and more energy.This is an example of market segmentation based on variables of

Using the breakdown approach to sales potential,estimates are made

The psychographic variable that includes numerous characteristics related to people's activities,interests,and opinion is

Lifestyle is a product-related variable.

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

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

Characteristics of individuals,groups,or organizations that are used for dividing a total market into smaller homogeneous groups are called ____ variables.

The most important reason that a firm might use a sales force forecasting survey to determine its sales forecast is

An Overview of Strategic Marketing

Planning, Implementing, and Evaluating Marketing Strategies

The Marketing Environment

Social Responsibility and Ethics in Marketing

Marketing Research and Information Systems

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product Concepts

Developing and Managing Products

Services Marketing

Branding and Packaging

Marketing Channels and Supply-Chain Management

Retailing, direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Setting Prices

Filters