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

In a sales force forecasting survey, the

Question 2

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

Accepted Answer

A) cost estimates are crucial to estimating sales potential accurately. 
B) higher costs will keep other potential competitors from entering that particular segment. 
C) customers are more likely to be attracted to marketers that invest heavily in the target segment. 
D) the organization's marketers need to know if they can reach the segment at costs equal to or below competitors' costs. 
E) higher cost generally ensures long-term success. 
A) cost estimates are crucial to estimating sales potential accurately. 
B) higher costs will keep other potential competitors from entering that particular segment. 
C) customers are more likely to be attracted to marketers that invest heavily in the target segment. 
D) the organization's marketers need to know if they can reach the segment at costs equal to or below competitors' costs. 
E) higher cost generally ensures long-term success.

Question 3

Family life cycle is a psychological dimension used for segmenting markets.

Accepted Answer

A) True 
 B)False

Question 4

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.

Accepted Answer

A) undifferentiated; undifferentiated 
B) undifferentiated; differentiated 
C) differentiated; multisegmented 
D) concentrated; differentiated 
E) concentrated; concentrated 
A) undifferentiated; undifferentiated 
B) undifferentiated; differentiated 
C) differentiated; multisegmented 
D) concentrated; differentiated 
E) concentrated; concentrated

Question 5

Consideration of the firm's overall objectives usually does not influence the final selection of a target market segment.

Accepted Answer

A) True 
 B)False

Question 6

Eighteen-year-old students do not form a market for alcoholic beverages because they

Accepted Answer

A) lack sufficient buying power to form a market. 
B) lack the authority to purchase this type of product. 
C) do not want to purchase this type of product. 
D) do not have sufficient experience with this type of product. 
E) lack the money to purchase this type of product. 
A) lack sufficient buying power to form a market. 
B) lack the authority to purchase this type of product. 
C) do not want to purchase this type of product. 
D) do not have sufficient experience with this type of product. 
E) lack the money to purchase this type of product.

Question 7

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 8

A market segment profile deals primarily with demographic characteristics.

Accepted Answer

A) True 
 B)False

Question 9

Alpine Ski Shops is looking for new markets for both its brick and mortar retail stores and its catalog division. Alpine Ski Shops would most likely use a(n) ______ base for market segmentation of its stores and a(n) ______ base for market segmentation of its catalog division?

Accepted Answer

A) behavioristic; geographic 
B) geographic; demographic 
C) demographic; psychographic 
D) environmental; demographic 
E) geographic; behavioristic 
A) behavioristic; geographic 
B) geographic; demographic 
C) demographic; psychographic 
D) environmental; demographic 
E) geographic; behavioristic

Question 10

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.

Accepted Answer

A) True 
 B)False

Question 11

Budweiser may choose to segment its market based on heavy, moderate, and light drinkers of its alcoholic beverages. This is an example of market segmentation based on

Accepted Answer

A) behavioristic variables. 
B) benefits. 
C) lifestyles. 
D) psychographic variables. 
E) demographic variables. 
A) behavioristic variables. 
B) benefits. 
C) lifestyles. 
D) psychographic variables. 
E) demographic variables.

Question 12

Lifestyle is a product-related variable.

Accepted Answer

A) True 
 B)False

Question 13

Why do marketers rely heavily on demographic characteristics when segmenting consumer markets?

Accepted Answer

Demographers study aggregate population

Question 14

Identify the four major categories of segmentation of variables for consumer products, and give three examples of each.

Accepted Answer

A marketer that uses segmentation to rea

Question 15

​Market segment profiles are used to describe _____________ members of a market segment, and to explain ______________members in separate market segments.

Accepted Answer

A) Differences between; Similarities among 
B) Differences between; Differences between 
C) Similarities among; Similarities among 
D) Preferences among; Preferences among 
E) Similarities among; Differences between 
A) Differences between; Similarities among 
B) Differences between; Differences between 
C) Similarities among; Similarities among 
D) Preferences among; Preferences among 
E) Similarities among; Differences between

Question 16

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.

Question 17

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

Accepted Answer

A) geographic 
B) demographic 
C) psychographic 
D) environmental 
E) geodemographic 
A) geographic 
B) demographic 
C) psychographic 
D) environmental 
E) geodemographic

Question 18

​You have just been promoted to vice president of marketing for your firm. Unlike your predecessor, you believe the firm can increase its sales in a market by focusing on more than one segment of the market. You recognize to do this means your firm will incur higher production costs. Based on this information, which of the following targeting strategies are you advocating?

Accepted Answer

A) A concentrated targeting strategy 
B) An undifferentiated targeting strategy 
C) A broad-based targeting strategy 
D) A differentiated targeting strategy 
E) A heterogeneous targeting strategy 
A) A concentrated targeting strategy 
B) An undifferentiated targeting strategy 
C) A broad-based targeting strategy 
D) A differentiated targeting strategy 
E) A heterogeneous targeting strategy

Question 19

It is likely that during the fifth step of the target market selection process, marketers will decide not to enter and compete in any market segments.

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

After a company selects a target market

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

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

Family life cycle is a psychological dimension used for segmenting markets.

Consideration of the firm's overall objectives usually does not influence the final selection of a target market segment.

Eighteen-year-old students do not form a market for alcoholic beverages because they

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

A market segment profile deals primarily with demographic characteristics.

Alpine Ski Shops is looking for new markets for both its brick and mortar retail stores and its catalog division. Alpine Ski Shops would most likely use a(n) base for market segmentation of its stores and a(n) base for market segmentation of its catalog division?

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.

Budweiser may choose to segment its market based on heavy, moderate, and light drinkers of its alcoholic beverages. This is an example of market segmentation based on

Lifestyle is a product-related variable.

Why do marketers rely heavily on demographic characteristics when segmenting consumer markets?

Identify the four major categories of segmentation of variables for consumer products, and give three examples of each.

Market segment profiles are used to describe _ members of a market segment, and to explain __members in separate market segments.

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

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

It is likely that during the fifth step of the target market selection process, marketers will decide not to enter and compete in any market segments.

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

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, Branding and Packaging

Developing and Managing Products

Services Marketing

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?

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

Family life cycle is a psychological dimension used for segmenting markets.

Consideration of the firm's overall objectives usually does not influence the final selection of a target market segment.

Eighteen-year-old students do not form a market for alcoholic beverages because they

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

A market segment profile deals primarily with demographic characteristics.

Alpine Ski Shops is looking for new markets for both its brick and mortar retail stores and its catalog division. Alpine Ski Shops would most likely use a(n) ______ base for market segmentation of its stores and a(n) ______ base for market segmentation of its catalog division?

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.

Budweiser may choose to segment its market based on heavy, moderate, and light drinkers of its alcoholic beverages. This is an example of market segmentation based on

Lifestyle is a product-related variable.

Why do marketers rely heavily on demographic characteristics when segmenting consumer markets?

Identify the four major categories of segmentation of variables for consumer products, and give three examples of each.

​Market segment profiles are used to describe _____________ members of a market segment, and to explain ______________members in separate market segments.

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

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

It is likely that during the fifth step of the target market selection process, marketers will decide not to enter and compete in any market segments.

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

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, Branding and Packaging

Developing and Managing Products

Services Marketing

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

Alpine Ski Shops is looking for new markets for both its brick and mortar retail stores and its catalog division. Alpine Ski Shops would most likely use a(n) base for market segmentation of its stores and a(n) base for market segmentation of its catalog division?

Market segment profiles are used to describe _ members of a market segment, and to explain __members in separate market segments.