Question 1

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

Accepted Answer

Executive judgment is the intuition of o...

Question 2

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

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Seventh Generation is a company producing products that limit the amount of negative impact on the environment. Their product line includes dishwashing liquid, toilet paper, paper towels, baby wipes, and laundry detergent, to name a few. Seventh Generation is now interested in producing a new line of clothing; mostly t-shirts, shorts, and long pants for both men and women. Their research indicates that they should use psychographic segmentation in their marketing strategy. Which group of segmentation variables will be implemented by Seventh Generation?

Accepted Answer

A)   Geographic location
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 5

The four requirements of a market are that the individuals in the market must have a need for the product and the ability, willingness, and authority to buy it.

Accepted Answer

A) True 
 B)False

Question 6

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.

Question 7

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

Question 8

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.

Question 9

Frito-Lay Snack Foods is currently conducting market segmentation studies. For several segments, they have completed competitive assessments and cost estimates. The next major step they must take is to:

Accepted Answer

A)   determine which segmentation variables to use.
B)   develop market segment profiles.
C)   identify the appropriate targeting strategy.
D)   select specific target markets.
E)   develop sales forecasts.

Question 10

Which of the following is not a characteristic of a consumer market?

Accepted Answer

A)   It consists of purchasers who intend to consume or benefit from the purchased products.
B)   Purchasers do not buy products for the main purpose of making a profit.
C)   It is sometimes referred to as B2C markets.
D)   The purchasing decisions of a consumer market are always made by only one individual.
E)   Purchasers may buy the product but not use it themselves.

Question 11

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 12

A marketer that targets customers based on marital status and the presence and age of children is using:

Accepted Answer

A)   behavioristic segmentation.
B)   lifestyle variables.
C)   psychographic variables.
D)   family life cycle.
E)   phase of life segmentation.

Question 13

Alli Inc. 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.

Question 14

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.

Question 15

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 16

Several conditions must exist for market segmentation to be successful. These conditions include all of the following except:

Accepted Answer

A)   the total market should be divided so that segments can be compared on sales potential, costs, and profits.
B)   customers' needs for the product must be homogeneous.
C)   the company must be able to reach the chosen segment with a particular marketing mix.
D)   segments must be identifiable and divisible.
E)   at least one segment must have enough profit potential to justify developing and maintaining a special marketing mix for that segment.

Question 17

The maximum percentage of market potential that an individual firm can expect to obtain for a specific product is the _.

Accepted Answer

A)   sales forecast
B)   market potential
C)   company sales potential
D)   company sales objective
E)   market share goal

Question 18

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

Accepted Answer

A)   determining the demographic variables of the target market.
B)   developing market segment profiles.
C)   determining which segmentation variables to use.
D)   selecting specific target markets.
E)   evaluating relevant market segments.

Question 19

The first step in the target market selection process is:

Accepted Answer

A)   determining which segmentation variables to use.
B)   selecting specific target markets.
C)   identifying an appropriate targeting strategy.
D)   evaluating relevant market segments.
E)   developing market segment profiles.

Question 20

Zerex markets its radiator liquid to different markets; one as a coolant and the other as antifreeze. Which of the following segmentation variables is being implemented by Zerex?

Accepted Answer

A)   Demographic variable
B)   Psychographic variable
C)   Lifestyle variable
D)   Geographic variable
E)   Behavioristic variable

Exam 5: Target Markets: Segmentation and Evaluation

The four requirements of a market are that the individuals in the market must have a need for the product and the ability, willingness, and authority to buy it.

Correct Answer
verified

The maximum percentage of market potential that an individual firm can expect to obtain for a specific product is the _.

Correct Answer
verified

Several conditions must exist for market segmentation to be successful. These conditions include all of the following except:

Correct Answer
verified

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.

Correct Answer
verified

Frito-Lay Snack Foods is currently conducting market segmentation studies. For several segments, they have completed competitive assessments and cost estimates. The next major step they must take is to:

Correct Answer
verified

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

Correct Answer
verified

The final step in the target market selection process is:

Correct Answer
verified

A marketer that targets customers based on marital status and the presence and age of children is using:

Correct Answer
verified

The buildup approach measure of sales potential:

Correct Answer
verified

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

Correct Answer
verified

Zerex markets its radiator liquid to different markets; one as a coolant and the other as antifreeze. Which of the following segmentation variables is being implemented by Zerex?

Correct Answer
verified

Correct Answer
verified

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

Correct Answer
verified

The first step in the target market selection process is:

Correct Answer
verified

Alli Inc. 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:

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Which of the following is not a characteristic of a consumer market?

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified
Executive judgment is the intuition of o...
View Answer

Exam 5: Target Markets: Segmentation and Evaluation

The four requirements of a market are that the individuals in the market must have a need for the product and the ability, willingness, and authority to buy it.

Correct AnswerverifiedShow Answer

The maximum percentage of market potential that an individual firm can expect to obtain for a specific product is the _.

Correct AnswerverifiedShow Answer

Several conditions must exist for market segmentation to be successful. These conditions include all of the following except:

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Frito-Lay Snack Foods is currently conducting market segmentation studies. For several segments, they have completed competitive assessments and cost estimates. The next major step they must take is to:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The final step in the target market selection process is:

Correct AnswerverifiedShow Answer

A marketer that targets customers based on marital status and the presence and age of children is using:

Correct AnswerverifiedShow Answer

The buildup approach measure of sales potential:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Zerex markets its radiator liquid to different markets; one as a coolant and the other as antifreeze. Which of the following segmentation variables is being implemented by Zerex?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The first step in the target market selection process is:

Correct AnswerverifiedShow Answer

Alli Inc. 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:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is not a characteristic of a consumer market?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedExecutive judgment is the intuition of o...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Executive judgment is the intuition of o...
View Answer