Exam 6: Target Markets: Segmentation and Evaluation

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

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

The three most commonly used psychographic segmentation variables are

Micromarketing is

Which of the following products is least likely to be segmented according to stages in the family life cycle?

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

The manager at a local recreational vehicle store, Off-Road Rage, believes the next two years will be difficult because of an economic recession. Using this forecast, he determines the effect on the industry's market potential and then estimates how his company's potential sales will look based on this outlook. This manager is using a ____ approach to estimating sales potential.

Sales forecasts are always long-range in nature.

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.

One limitation of the sales force survey technique is that salespeople often believe that their sales goals are determined by their sales estimates.

Kelly's Kids is a home-based business that sells high-quality children's clothing at premium prices using in-home parties. These in-home parties typically cater to families with small children and middle- to upper-middle-class income. Kelly's Kids is using ____ variables to segment its market.

Discuss the advantages and disadvantages of using executive judgment in forecasting company sales.

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

A market segment profile provides customers with an understanding of how a business can use its capabilities.

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.

A targeting strategy in which an organization targets a single market segment using one marketing mix is called a(n) ____ strategy.

Company sales potential is the maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product.

The total volume of a product, for all firms in an industry, that would be purchased by specific customer groups within a specified time period at a given level of industry-wide marketing activity, is the

When selecting specific target markets, a firm should

The sales prediction technique based on the correlation between sales and other factors-such as population density, per capita income, or family size-is