Exam 6: Target Markets: Segmentation and Evaluation

Frito-Lay Snack Foods is currently conducting market segmentation studies.For several segments,they have completed competitive assessments and cost estimates.The next major step they must take is to

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

Scenario 6.2 Use the following to answer the questions. GE Transportation produces locomotive engines for sale in countries around the world.After looking at the total market for locomotive engines,the company found that various rail lines wanted different types of engines.Major rail lines in the U.S.and South America wanted engines to haul heavy freight.Rail lines in Sweden and Germany were interested in a cleaner,greener locomotive engine.Rail lines operated by several Eastern European countries wanted locomotive engines for running short distances between cities in their own country.GE Transportation is currently manufacturing its GE 4400 for heavy freight,its Hybrid Eco-Engine,and its Dash 9,suited for shortline transport. -Refer to Scenario 6.2.Suppose that GE Transportation decided to produce only locomotive engines for rail lines in the United States.The segmentation variable then would be

A market is a group of people who,as individuals,have needs for products in a product class and have the ability,willingness,and authority to purchase such products.

The two general approaches to measuring company sales potential are the breakdown and the buildup approach.

Any group of people who,as individuals or as organizations,have needs for products in a product class and who have the ability,willingness,and authority to buy such products is a(n)

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.

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

DeShon has just become the new marketing analyst for a company that produces vinyl siding for homes.In an effort to forecast his firm's sales for the coming year,he needs to find where the greatest opportunities are for selling his product.DeShon looks at the sales for the last five years and calculates a growth trend.He then collects data from a combination of other factors,such as population density,family size,home ownership,and per capita income.Finally,DeShon looks at the correlation between the sales trend data and the various combination of demographic data.DeShon is employing the ____ forecasting method for the sales growth trend and the ________ method for the correlation.

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

Scenario 6.2 Use the following to answer the questions. GE Transportation produces locomotive engines for sale in countries around the world.After looking at the total market for locomotive engines,the company found that various rail lines wanted different types of engines.Major rail lines in the U.S.and South America wanted engines to haul heavy freight.Rail lines in Sweden and Germany were interested in a cleaner,greener locomotive engine.Rail lines operated by several Eastern European countries wanted locomotive engines for running short distances between cities in their own country.GE Transportation is currently manufacturing its GE 4400 for heavy freight,its Hybrid Eco-Engine,and its Dash 9,suited for shortline transport. -Refer to Scenario 6.2.GE Transportation is most likely using a(an)______ targeting strategy,segmenting by ________ variables.

Variables such as geographic location,type of organization,customer size,and type of product usage are used to segment ____ markets.

Justin Franklin's company is interested in locating areas where the average income is high,the average age range is 25-35 years,and the lifestyles of the people involve extreme adventures and dangerous leisure activities.His company would most likely find possible markets through

When a firm's management is making the final selection of specific target markets to enter,it should consider whether the organization has the financial resources,managerial skills,expertise,and facilities needed to effectively compete in the selected segments.

Which of the following products is most likely to have its market segment based on age?

The executive judgment method of sales forecasting is very accurate in predicting future sales.

Market segment profiles help determine the most desirable segment or segments in relation to the firm's strengths,weaknesses,objectives,and resources.

Cosmopolitan magazine,Car and Driver magazine,Secret deodorant,and Axe body wash are all products whose marketers have used segmentation based on

____ describe the similarities among potential customers within a market segment and explain the differences among people in different market segments.

When using personality characteristics as a market segmentation variable,marketers generally