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Exam 6: Target Markets: Segmentation and Evaluation

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Question 71

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How do business markets differ from consumer markets?

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Question 72

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The Gap has recently produced a new line of athletic wear that closely competes with a designer label in its quality, utility, and appearance. However, it is about half the cost of the designer brand. Product managers for The Gap line plan to use price sensitivity, brand loyalty, and end use as variables to segment their target market. These are all _______ variables for market segmentation.

A) psychographic
B) usage
C) demographic
D) lifecycle
E) behavioristic

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Question 73

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

An undifferentiated targeting strategy does not target a single market with one marketing mix.

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

The size of the market potential places limits on the size of the company sales potential.

Why would a firm survey its sales force to forecast company sales? Why would a firm choose an expert forecasting survey instead?

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

Tiffany's markets its exclusive jewelry and gifts to high-income individuals interested in high-quality products and a well-known brand name. It uses the same marketing mix to reach this market. Tiffany's uses a(n) ____ strategy.

Katy Ramirez is a marketer for a company that produces in-ground swimming pools. When forecasting company sales, she finds a direct association between past sales and per capita income. Which sales forecasting technique is Katy using?

Evaluating and making product positioning decisions is important for

A marketer can use regression analysis techniques to predict the sales of new products.

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

Which of the following products is most likely to have its market segment based on age?

The purpose of market segmentation is to

Which of the following is the biggest drawback to using psychographic variables?

When a firm's management is making the final selection of specific target markets to enter, it should consider whether the organization has the financial resources, managerial skills, expertise, and facilities needed to effectively compete in the selected segments.

The five-step process usually used for target market selection includes identifying the appropriate targeting strategy, determining which segmentation variables to use, developing market segment profiles, evaluating relevant market segments, and deciding which targeting strategy to use.

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