Question 1

A forecasting method that predicts sales based on relationships between past sales and other variables is called

Accepted Answer

A)  regression analysis. 
B)  customer forecasting surveys. 
C)  the Delphi technique. 
D)  random factor analysis. 
E)  time series analysis. 
A)  regression analysis. 
B)  customer forecasting surveys. 
C)  the Delphi technique. 
D)  random factor analysis. 
E)  time series analysis. A

Question 2

Product position is customers' concept of a product's attributes relative to their concept of competitive brands.

Accepted Answer

A) True 
 B)False  True

Question 3

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

Accepted Answer

A)  selective 
B)  focused 
C)  differentiated 
D)  concentrated 
E)  undifferentiated 
A)  selective 
B)  focused 
C)  differentiated 
D)  concentrated 
E)  undifferentiated D

Question 4

Under what conditions would head-to-head product positioning be advisable?

Accepted Answer

Head-to-head product positioning is advi

Question 5

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

The answer of Discuss the difference between sales forecasts and...

Question 6

Relying on executive judgment for forecasting may be adequate when

Accepted Answer

A)  levels of marketing efforts put forth by competitors vary considerably. 
B)  recent events give the executive specific impressions of product demand. 
C)  product demand is erratic. 
D)  the executive conducts surveys. 
E)  the executive has considerable experience and product demand is relatively stable. 
A)  levels of marketing efforts put forth by competitors vary considerably. 
B)  recent events give the executive specific impressions of product demand. 
C)  product demand is erratic. 
D)  the executive conducts surveys. 
E)  the executive has considerable experience and product demand is relatively stable.

Question 7

The forecasting method that utilizes a firm's historical sales data to find patterns in the firm's sales volume over time is

Accepted Answer

A)  the regression method. 
B)  customer forecasting. 
C)  a market test. 
D)  sales force forecasting. 
E)  time series analysis. 
A)  the regression method. 
B)  customer forecasting. 
C)  a market test. 
D)  sales force forecasting. 
E)  time series analysis.

Question 8

A disadvantage of the concentrated targeting strategy is that

Accepted Answer

A)  the firm's financial condition is tied to a single and specialized marketing mix. 
B)  large sales volumes cannot be generated. 
C)  production costs may be higher than with other strategies. 
D)  marketing personnel may become dissatisfied with the limited opportunities provided by this approach. 
E)  marketing costs are often higher than for other strategies. 
A)  the firm's financial condition is tied to a single and specialized marketing mix. 
B)  large sales volumes cannot be generated. 
C)  production costs may be higher than with other strategies. 
D)  marketing personnel may become dissatisfied with the limited opportunities provided by this approach. 
E)  marketing costs are often higher than for other strategies.

Question 9

Micromarketing is

Accepted Answer

A)  a market segmentation approach in which firms focus precise marketing efforts on very small geographic markets. 
B)  developing a very specific marketing mix that will effectively meet the needs of only a small segment of the market. 
C)  marketing efforts that are tightly controlled by high-level executives in the organization. 
D)  a way to segment the market to meet the needs of individuals with the same motives and personality attributes. 
E)  creating advertising that is so specific to a certain type of individual that few people outside that micromarket will respond to the message. 
A)  a market segmentation approach in which firms focus precise marketing efforts on very small geographic markets. 
B)  developing a very specific marketing mix that will effectively meet the needs of only a small segment of the market. 
C)  marketing efforts that are tightly controlled by high-level executives in the organization. 
D)  a way to segment the market to meet the needs of individuals with the same motives and personality attributes. 
E)  creating advertising that is so specific to a certain type of individual that few people outside that micromarket will respond to the message.

Question 10

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

Accepted Answer

A)  segmentation. 
B)  diversification. 
C)  target marketing. 
D)  concentration. 
E)  customization. 
A)  segmentation. 
B)  diversification. 
C)  target marketing. 
D)  concentration. 
E)  customization.

Question 11

Interior Designs Inc.sells expensive custom-made draperies,bedding,and accessories using a single marketing mix and is therefore most likely using a(n)____ targeting strategy.

Accepted Answer

A)  concentrated 
B)  differentiated 
C)  exclusive 
D)  focused 
E)  undifferentiated 
A)  concentrated 
B)  differentiated 
C)  exclusive 
D)  focused 
E)  undifferentiated

Question 12

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

Accepted Answer

A) True 
 B)False

Question 13

At times,after doing segmentation analysis,marketers in an organization decide not to enter any segments.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

A person who has buying power also has the authority to buy.

Accepted Answer

A) True 
 B)False

Question 16

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

Accepted Answer

A)  bicycle 
B)  computer 
C)  notebook 
D)  seasoning salt 
E)  oscillating fan 
A)  bicycle 
B)  computer 
C)  notebook 
D)  seasoning salt 
E)  oscillating fan

Question 17

Demographic characteristics are commonly used to segment a market because they are closely related to consumers' product needs and purchasing behavior.

Accepted Answer

A) True 
 B)False

Question 18

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.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 5.1.Lil' Angels Kids Spa is currently using a(n)____ targeting strategy.

Accepted Answer

A)  undifferentiated 
B)  exclusive 
C)  concentrated 
D)  differentiated 
E)  selective 
A)  undifferentiated 
B)  exclusive 
C)  concentrated 
D)  differentiated 
E)  selective

Question 19

Katy Ramirez is a marketer for a golf equipment manufacturer.When forecasting company sales,she finds a direct association between past sales and per capita income.Which sales forecasting technique is Katy using?

Accepted Answer

A)  Surveys 
B)  Executive judgment 
C)  Time series analysis 
D)  Market tests 
E)  Regression analysis 
A)  Surveys 
B)  Executive judgment 
C)  Time series analysis 
D)  Market tests 
E)  Regression analysis

Question 20

The purpose of market segmentation is to

Accepted Answer

A)  differentiate products. 
B)  divide a total market to enable a marketer to develop a more precise marketing mix. 
C)  reduce the overall cost of marketing activities. 
D)  identify a single marketing mix that will be satisfactory for the general market. 
E)  meet the needs of homogeneous markets. 
A)  differentiate products. 
B)  divide a total market to enable a marketer to develop a more precise marketing mix. 
C)  reduce the overall cost of marketing activities. 
D)  identify a single marketing mix that will be satisfactory for the general market. 
E)  meet the needs of homogeneous markets.

Exam 5: Selecting Target Markets

A forecasting method that predicts sales based on relationships between past sales and other variables is called

Product position is customers' concept of a product's attributes relative to their concept of competitive brands.

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

Under what conditions would head-to-head product positioning be advisable?

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

Relying on executive judgment for forecasting may be adequate when

The forecasting method that utilizes a firm's historical sales data to find patterns in the firm's sales volume over time is

A disadvantage of the concentrated targeting strategy is that

Micromarketing is

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

Interior Designs Inc.sells expensive custom-made draperies,bedding,and accessories using a single marketing mix and is therefore most likely using a(n)____ targeting strategy.

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

At times,after doing segmentation analysis,marketers in an organization decide not to enter any segments.

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

A person who has buying power also has the authority to buy.

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

Demographic characteristics are commonly used to segment a market because they are closely related to consumers' product needs and purchasing behavior.

Katy Ramirez is a marketer for a golf equipment manufacturer.When forecasting company sales,she finds a direct association between past sales and per capita income.Which sales forecasting technique is Katy using?

The purpose of market segmentation is to

Strategic Marketing Management

Developing and Implementing Marketing Strategies

The Global Marketing Environment

Information for Marketing Decisions

Consumer Behavior

Business Buying Behavior

International Marketing

Digital Marketing and Social Media

Product Decisions

Strategic Product Management

Services Marketing

Strategic Management of Branding and Packaging

A Supply Chain Management and Marketing Channels

B Supply Chain Management and Marketing Channels

A Retailing,wholesaling and Direct Marketing

B Retailing,wholesaling and Direct Marketing

Integrated Marketing Communications

Advertising and Publicrelations

Personal Selling and Sales Promotion

Strategic Pricing Management

Pricingdecisions

Global Issues,social Responsibility and Marketing

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