Exam 5: Selecting Target Markets

Which of the following is not one of the major categories of consumer market segmentation variables?

A company sales forecast is the amount of a product that a firm actually expects to sell during a specific time period.

The ability to purchase a product is a function of

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 different rail lines wanted 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 5.2.If a GE Transportation researcher analyzes monthly sales data for a four-year time frame,looking for periodic fluctuations,the researcher is doing a ____ analysis.

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

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

A business advantage of the concentrated targeting strategy for any company is that it

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 different rail lines wanted 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 5.2.Researchers at GE Transportation estimate that 1,000 rail lines throughout the world will purchase some kind of locomotive engine next year.That number represents the

A widely used system for classifying individuals on the basis of lifestyle is

Most markets for products are made up of individuals or groups with diverse needs for products and are called ____ markets.

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.

After a firm has identified an appropriate targeting strategy,the next step in the target market selection process is

What are the conditions under which an undifferentiated targeting strategy is effective? Why are these conditions essential?

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

Motives can be used to segment markets.

End use,price sensitivity,and brand loyalty are all ____ variables that can be used in market segmentation.

Individuals' ability to buy depends on the amount of their buying power.

One condition for effective segmentation is that at least one segment must have substantial profit potential.

The undifferentiated strategy can be effective for an organization that has a homogeneous market and can develop and maintain a single marketing mix.

When evaluating relevant market segments,cost estimates are important to determine if an organization entering a particular segment can operate at costs equal to or below those of competitors.