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Exam 6: Target Markets: Segmentation and Evaluation

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Question 31

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Family life cycle is a psychological dimension used for segmenting markets.

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Question 32

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

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

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Question 33

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

Intuition and expediency are primary characteristics of which of the following sales forecasting methods?

Only one variable can be used to segment a market.

The ability to purchase a product is a function of

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

The primary advantage of a concentrated targeting strategy is

Many marketers are concerned about the number of potential customers within a certain area of land because of the different requirements to serve dissimilar areas. What is this segmentation variable called?

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

Consideration of the firm's overall objectives usually does not influence the final selection of a target market segment.

The ways in which customers use a particular product may be a basis for segmenting the market.

Which of these statements is not true about business markets?

Scenario 6.2 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 various rail lines wanted different types of 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 6.2. 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

Subaru is producing a new seven-passenger van with all-wheel drive. Which of the following would be the best variables for segmenting the market for this new model?

Retail-site location analyses, unique product offerings, and special advertising campaigns are all examples of the use of

The Pillsbury company defines all individual consumers who are purchasers of flour as its target market. It also defines all businesses who purchase flour as its target market. What targeting strategy would be most appropriate in this case?

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

What variables are used to segment business markets?

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.