Question 1

Customer surveys as a means of forecasting sales are not appropriate for a firm that has relatively few customers.

Accepted Answer

A) True 
 B)False

Question 2

Pepsi wants to know where its Sierra Mist soft drink fits in with other drinks in the mind of the consumer.Marketers question a sample of consumers about Sierra Mist and other drinks on two different dimensions.They will most likely put this information into a(n)____ to show Sierra Mist's position.

Accepted Answer

A)  perceptual map 
B)  ideal cluster 
C)  product position chart 
D)  market graph 
E)  product matrix 
A)  perceptual map 
B)  ideal cluster 
C)  product position chart 
D)  market graph 
E)  product matrix

Question 3

When a business has a relatively small number of customers,a preferred method of forecasting is

Accepted Answer

A)  regression analysis. 
B)  trend analysis. 
C)  the Delphi technique. 
D)  a market test. 
E)  a customer forecasting survey. 
A)  regression analysis. 
B)  trend analysis. 
C)  the Delphi technique. 
D)  a market test. 
E)  a customer forecasting survey.

Question 4

The manager at a local recreational vehicle store,Off-Road Rage,believes the next two years will be difficult because of an economic recession.Using this forecast,he determines the effect on the industry's market potential and then estimates how his company's potential sales will look based on this outlook.This manager is using a ____ approach to estimating sales potential.

Accepted Answer

A)  breakdown 
B)  recessionary 
C)  buildup 
D)  pyramid 
E)  dimensional 
A)  breakdown 
B)  recessionary 
C)  buildup 
D)  pyramid 
E)  dimensional

Question 5

When research indicated that Bluetooth's products were not reaching the correct target market,marketers of Bluetooth decided to change from demographic segmentation to psychographic segmentation.Which group of new segmentation variables will Bluetooth now be using?

Accepted Answer

A)  Geographic location of customers 
B)  Age,sex,and socioeconomic characteristics 
C)  Social class variables 
D)  Personality characteristics,motives,and lifestyles 
E)  Family life cycle,social class,and religion 
A)  Geographic location of customers 
B)  Age,sex,and socioeconomic characteristics 
C)  Social class variables 
D)  Personality characteristics,motives,and lifestyles 
E)  Family life cycle,social class,and religion

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

All of the following are categories of common forecasting techniques for business except

Accepted Answer

A)  surveys. 
B)  time series analysis. 
C)  customer determined. 
D)  executive judgment. 
E)  market tests. 
A)  surveys. 
B)  time series analysis. 
C)  customer determined. 
D)  executive judgment. 
E)  market tests.

Question 8

The final step in the target market selection process is

Accepted Answer

A)  implementing the appropriate marketing mix for the target market. 
B)  evaluating relative market segments. 
C)  eliminating market segments that are cost prohibitive. 
D)  selecting specific target markets. 
E)  revising the final segmentation variables based on target selection. 
A)  implementing the appropriate marketing mix for the target market. 
B)  evaluating relative market segments. 
C)  eliminating market segments that are cost prohibitive. 
D)  selecting specific target markets. 
E)  revising the final segmentation variables based on target selection.

Question 9

Zerex markets its radiator liquid as a coolant in the South and an antifreeze in the North.Which of the following segmentation variables is Zerex using?

Accepted Answer

A)  Demographic 
B)  Psychographic 
C)  Life cycle 
D)  Geographic 
E)  Product use 
A)  Demographic 
B)  Psychographic 
C)  Life cycle 
D)  Geographic 
E)  Product use

Question 10

Alli segments its diet pills based on those who have morning cravings,those who tend to overeat near the end of the day,those who need all day long appetite suppression,and those who want appetite control and more energy.This is an example of market segmentation based on variables of

Accepted Answer

A)  demographics. 
B)  lifestyles. 
C)  psychographics. 
D)  behavior. 
E)  personality characteristics. 
A)  demographics. 
B)  lifestyles. 
C)  psychographics. 
D)  behavior. 
E)  personality characteristics.

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

When using personality characteristics as a market segmentation variable,marketers generally

Accepted Answer

A)  conduct personality assessments of their potential target market to determine which personality characteristics they possess. 
B)  use research developed by clinical psychologists to determine which personality characteristics consumers using their products are most likely to have. 
C)  use generic characteristics that all members of the population have. 
D)  use a positively viewed characteristic they assume much of their target market has or would like to have. 
E)  conduct a series of focus groups to determine both the positive and negative characteristics members of their target market are perceived to have. 
A)  conduct personality assessments of their potential target market to determine which personality characteristics they possess. 
B)  use research developed by clinical psychologists to determine which personality characteristics consumers using their products are most likely to have. 
C)  use generic characteristics that all members of the population have. 
D)  use a positively viewed characteristic they assume much of their target market has or would like to have. 
E)  conduct a series of focus groups to determine both the positive and negative characteristics members of their target market are perceived to have.

Question 13

The sum of firms' marketing efforts equals industry marketing efforts.

Accepted Answer

A) True 
 B)False

Question 14

The forecasting techniques that assume past sales patterns will continue into the future are all variations of

Accepted Answer

A)  regression analysis. 
B)  random factor analysis. 
C)  seasonal analysis. 
D)  time series analysis. 
E)  past sales forecasting surveys. 
A)  regression analysis. 
B)  random factor analysis. 
C)  seasonal analysis. 
D)  time series analysis. 
E)  past sales forecasting surveys.

Question 15

Lifestyle analysis focuses on people's activities,interests,and opinions.

Accepted Answer

A) True 
 B)False

Question 16

A differentiated targeting strategy is when the organization targets two or more markets by developing a single marketing mix.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

The answer of Compare and contrast the concentrated and differentiated...

Question 18

The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchase response is

Accepted Answer

A)  a market test. 
B)  regression analysis. 
C)  trend analysis. 
D)  a survey. 
E)  the Delphi technique. 
A)  a market test. 
B)  regression analysis. 
C)  trend analysis. 
D)  a survey. 
E)  the Delphi technique.

Question 19

Why is it important for marketers to assess competitors before entering a market segment?

Accepted Answer

The answer of Why is it important for marketers to...

Question 20

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.What method should Lil' Angels use to forecast sales in new regions?

Accepted Answer

A)  Sales force survey 
B)  Time series analysis 
C)  Correlation method 
D)  Market test 
E)  Regression analysis 
A)  Sales force survey 
B)  Time series analysis 
C)  Correlation method 
D)  Market test 
E)  Regression analysis

Exam 5: Selecting Target Markets

Customer surveys as a means of forecasting sales are not appropriate for a firm that has relatively few customers.

Pepsi wants to know where its Sierra Mist soft drink fits in with other drinks in the mind of the consumer.Marketers question a sample of consumers about Sierra Mist and other drinks on two different dimensions.They will most likely put this information into a(n)____ to show Sierra Mist's position.

When a business has a relatively small number of customers,a preferred method of forecasting is

When research indicated that Bluetooth's products were not reaching the correct target market,marketers of Bluetooth decided to change from demographic segmentation to psychographic segmentation.Which group of new segmentation variables will Bluetooth now be using?

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

All of the following are categories of common forecasting techniques for business except

The final step in the target market selection process is

Zerex markets its radiator liquid as a coolant in the South and an antifreeze in the North.Which of the following segmentation variables is Zerex using?

Alli segments its diet pills based on those who have morning cravings,those who tend to overeat near the end of the day,those who need all day long appetite suppression,and those who want appetite control and more energy.This is an example of market segmentation based on variables of

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

When using personality characteristics as a market segmentation variable,marketers generally

The sum of firms' marketing efforts equals industry marketing efforts.

The forecasting techniques that assume past sales patterns will continue into the future are all variations of

Lifestyle analysis focuses on people's activities,interests,and opinions.

A differentiated targeting strategy is when the organization targets two or more markets by developing a single marketing mix.

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

The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchase response is

Why is it important for marketers to assess competitors before entering a market segment?

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