Question 1

A product can be repositioned by changing its image through promotional efforts directed at customers.

Accepted Answer

A) True 
 B)False

Question 2

Toyota has learned that some people want sports cars,while others want vans,trucks,sedans,and economy cars.In this instance,Toyota has found its markets to be

Accepted Answer

A)  heterogeneous. 
B)  undifferentiated. 
C)  concentrated. 
D)  homogeneous. 
E)  focused. 
A)  heterogeneous. 
B)  undifferentiated. 
C)  concentrated. 
D)  homogeneous. 
E)  focused.

Question 3

Which of these statements is not true about business markets?

Accepted Answer

A)  the purchase may be made to resell the item 
B)  the purchase is always made by more than one individual 
C)  the purchase may be made to use in general daily operations 
D)  the purchase may be made to use in production of another product 
E)  they can also be referred to as organizational markets 
A)  the purchase may be made to resell the item 
B)  the purchase is always made by more than one individual 
C)  the purchase may be made to use in general daily operations 
D)  the purchase may be made to use in production of another product 
E)  they can also be referred to as organizational markets

Question 4

A marketer may segment a market in terms of the benefits that customers expect to receive from a particular product.

Accepted Answer

A) True 
 B)False

Question 5

When a company has its sales forecasts prepared by management consultants,economists,or college professors,it is using a(n)

Accepted Answer

A)  expert forecasting survey. 
B)  Delphi technique. 
C)  random factor analysis. 
D)  external judgment survey. 
E)  market test. 
A)  expert forecasting survey. 
B)  Delphi technique. 
C)  random factor analysis. 
D)  external judgment survey. 
E)  market test.

Question 6

Often,the Delphi technique is used in conjunction with an expert forecasting survey.The major objective is to

Accepted Answer

A)  allow an opportunity to obtain diverse expert opinions. 
B)  allow experts to work separately to reach a consensus as to their forecasts. 
C)  reach an accurate sales forecast through the use of multiple sales forecasting techniques. 
D)  determine if the expert forecasting survey is superior to regression analysis. 
E)  assess the extent to which this year's sales forecast is more accurate than that of previous years. 
A)  allow an opportunity to obtain diverse expert opinions. 
B)  allow experts to work separately to reach a consensus as to their forecasts. 
C)  reach an accurate sales forecast through the use of multiple sales forecasting techniques. 
D)  determine if the expert forecasting survey is superior to regression analysis. 
E)  assess the extent to which this year's sales forecast is more accurate than that of previous years.

Question 7

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

Accepted Answer

A)  competitor sales potential. 
B)  sales objective. 
C)  forecasted sales. 
D)  company sales potential. 
E)  market potential. 
A)  competitor sales potential. 
B)  sales objective. 
C)  forecasted sales. 
D)  company sales potential. 
E)  market potential.

Question 8

The buildup approach measure of sales potential

Accepted Answer

A)  starts with broad estimates of general economic activity. 
B)  ends with an estimate of a single firm's sales of a specific product. 
C)  starts with forecasts about demand for a specific product within a relatively small area. 
D)  does not use sales estimates. 
E)  is seldom employed by industrial firms. 
A)  starts with broad estimates of general economic activity. 
B)  ends with an estimate of a single firm's sales of a specific product. 
C)  starts with forecasts about demand for a specific product within a relatively small area. 
D)  does not use sales estimates. 
E)  is seldom employed by industrial firms.

Question 9

How do business markets differ from consumer markets?

Accepted Answer

The answer of How do business markets differ from consumer...

Question 10

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.Which of the following best describes Lil' Angels' current approach to the market?

Accepted Answer

A)  It is segmenting the market according to demographic variables. 
B)  It is segmenting the market according to product-related variables. 
C)  It has chosen a segment that is not identifiable and divisible. 
D)  Its market is impossible to reach because of legal constraints. 
E)  It is not segmenting the market but is attempting to reach everyone with the product. 
A)  It is segmenting the market according to demographic variables. 
B)  It is segmenting the market according to product-related variables. 
C)  It has chosen a segment that is not identifiable and divisible. 
D)  Its market is impossible to reach because of legal constraints. 
E)  It is not segmenting the market but is attempting to reach everyone with the product.

Question 11

Product positioning refers to marketers' efforts to have their brands located in the most appropriate location in stores.

Accepted Answer

A) True 
 B)False

Question 12

One problem with using psychographic variables for segmentation purposes is that they are difficult to measure accurately.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following statements about the undifferentiated targeting strategy is false?

Accepted Answer

A)  The undifferentiated targeting strategy should be used when the needs of individual customers are similar. 
B)  The undifferentiated targeting strategy uses one promotional program aimed at everyone in the target market. 
C)  The undifferentiated targeting strategy is good for use with staple items,such as sugar and salt. 
D)  The undifferentiated targeting strategy uses multiple distribution systems to best reach individuals in the target market. 
E)  The opposite of the undifferentiated targeting strategy is the differentiated targeting strategy. 
A)  The undifferentiated targeting strategy should be used when the needs of individual customers are similar. 
B)  The undifferentiated targeting strategy uses one promotional program aimed at everyone in the target market. 
C)  The undifferentiated targeting strategy is good for use with staple items,such as sugar and salt. 
D)  The undifferentiated targeting strategy uses multiple distribution systems to best reach individuals in the target market. 
E)  The opposite of the undifferentiated targeting strategy is the differentiated targeting strategy.

Question 14

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.Which of the following targeting strategies is GE Transportation most likely using?

Accepted Answer

A)  Undifferentiated 
B)  Differentiated 
C)  Concentrated 
D)  Selective 
E)  Market diffusion 
A)  Undifferentiated 
B)  Differentiated 
C)  Concentrated 
D)  Selective 
E)  Market diffusion

Question 15

If Jaguar focused all its marketing efforts for the new Jaguar XKR on professionals earning more than $250,000,it would be using a(n)____ strategy.

Accepted Answer

A)  homogeneous 
B)  undifferentiated 
C)  multisegmented 
D)  concentrated 
E)  stratified 
A)  homogeneous 
B)  undifferentiated 
C)  multisegmented 
D)  concentrated 
E)  stratified

Question 16

The primary advantage of a concentrated targeting strategy is

Accepted Answer

A)  it meets the needs of a wide range of consumers. 
B)  it allows a firm to specialize to meet specific customer needs. 
C)  it is more flexible than any other approach. 
D)  it is the least risky targeting approach. 
E)  its customers are the most willing to repurchase the same brands. 
A)  it meets the needs of a wide range of consumers. 
B)  it allows a firm to specialize to meet specific customer needs. 
C)  it is more flexible than any other approach. 
D)  it is the least risky targeting approach. 
E)  its customers are the most willing to repurchase the same brands.

Question 17

In developing a company sales forecast,the forecasting methods are limited to surveys and correlation methods.

Accepted Answer

A) True 
 B)False

Question 18

Product positioning refers to

Accepted Answer

A)  the area in retail stores in which the manufacturer strives to position its products. 
B)  product price but not to product image. 
C)  product image but not to product price. 
D)  the decisions and activities intended to create and maintain a certain concept of the firm's product in customers' minds. 
E)  the length of time a product has survived in the market. 
A)  the area in retail stores in which the manufacturer strives to position its products. 
B)  product price but not to product image. 
C)  product image but not to product price. 
D)  the decisions and activities intended to create and maintain a certain concept of the firm's product in customers' minds. 
E)  the length of time a product has survived in the market.

Question 19

What is the main problem with using a market test as a forecasting tool?

Accepted Answer

A)  Difficult to interpret 
B)  Expensive 
C)  Inaccurate 
D)  Unacceptable to consumers 
E)  Overused 
A)  Difficult to interpret 
B)  Expensive 
C)  Inaccurate 
D)  Unacceptable to consumers 
E)  Overused

Question 20

Sixteen-year-old high school 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.

Exam 5: Selecting Target Markets

A product can be repositioned by changing its image through promotional efforts directed at customers.

Toyota has learned that some people want sports cars,while others want vans,trucks,sedans,and economy cars.In this instance,Toyota has found its markets to be

Which of these statements is not true about business markets?

A marketer may segment a market in terms of the benefits that customers expect to receive from a particular product.

When a company has its sales forecasts prepared by management consultants,economists,or college professors,it is using a(n)

Often,the Delphi technique is used in conjunction with an expert forecasting survey.The major objective is to

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

The buildup approach measure of sales potential

How do business markets differ from consumer markets?

Product positioning refers to marketers' efforts to have their brands located in the most appropriate location in stores.

One problem with using psychographic variables for segmentation purposes is that they are difficult to measure accurately.

Which of the following statements about the undifferentiated targeting strategy is false?

If Jaguar focused all its marketing efforts for the new Jaguar XKR on professionals earning more than $250,000,it would be using a(n)____ strategy.

The primary advantage of a concentrated targeting strategy is

In developing a company sales forecast,the forecasting methods are limited to surveys and correlation methods.

Product positioning refers to

What is the main problem with using a market test as a forecasting tool?

Sixteen-year-old high school students do not form a market for alcoholic beverages because they

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