Exam 5: Target Market Segmentation and Evaluation

Which of the following forecasting methods is least dependent on historical sales data?

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

Which of the following products is most likely to be marketed using an undifferentiated approach?

Discuss the difference between sales forecasts and company sales potential. Why is it important for a marketer to be able to forecast sales?

Crisco is an all-vegetable shortening that helps cooks around the globe create better-tasting meals for their families. The company is part of Procter & Gamble and Crisco was developed in 1911. They released their first print advertisement in 1912 and focused on how Crisco could be used as a replacement to lard and butter. Crisco is still a dominant brand today, and many families have the familiar blue tub of Crisco in their pantry as well as a container of liquid vegetable oil to use when cooking. Crisco believes its market is _______, where individuals have similar needs for the product. It therefore utilizes a _________ targeting strategy as it can incorporate a single marketing mix and direct it at the entire market for its products.

The primary advantage of a concentrated targeting strategy is

Only one variable can be used to segment a market.

The ability to purchase a product is a function of

Rolls-Royce targets a very exclusive high-income market. Toyota, on the other hand, targets economy markets (Yaris), the environmentally-conscious market (Prius), and the higher-income market (Lexus). Rolls-Royce has adopted a ___________ targeting strategy. Toyota has adopted a ______________ targeting strategy.

Trend analysis is a sales forecasting technique that focuses on aggregate sales data over a period of many years to determine general trends in annual sales.

A company sometimes defines a total market as its target market.

Which of the following requires hiring professionals to create initial forecasts, submit them to the company for averaging, and then use those results to make individual refined forecasts?

A firm ordinarily uses the same sales forecasting method for determining short-range and long-range sales forecasts.

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

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.

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

The concentrated targeting strategy is one in which an organization directs its marketing efforts toward a single market segment through one marketing mix.

The buildup approach measure of sales potential

In the breakdown approach, the marketing manager measures company sales potential by estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate by the number of potential buyers, and adding the totals of all the geographic areas considered.

Tiffany's markets its exclusive jewelry and gifts to high-income individuals interested in high-quality products and a well-known brand name. It uses the same marketing mix to reach this market. Tiffany's uses a(n) ____ strategy.