Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

During the evaluation of relevant market segments,competitive assessment is used primarily to determine the possibility of additional competitors entering particular segments.

Accepted Answer

A) True 
 B)False

Question 3

Estimating the cost of entering a market and focusing on a specific target segment is important because

Accepted Answer

A) cost estimates are crucial to estimating sales potential accurately. 
B) higher costs will keep other potential competitors from entering that particular segment. 
C) customers are more likely to be attracted to marketers that invest heavily in the target segment. 
D) the organization's marketers need to know if they can reach the segment at costs equal to or below competitors' costs. 
E) higher cost generally ensures long-term success. 
A) cost estimates are crucial to estimating sales potential accurately. 
B) higher costs will keep other potential competitors from entering that particular segment. 
C) customers are more likely to be attracted to marketers that invest heavily in the target segment. 
D) the organization's marketers need to know if they can reach the segment at costs equal to or below competitors' costs. 
E) higher cost generally ensures long-term success.

Question 4

Only one variable can be used to segment a market.

Accepted Answer

A) True 
 B)False

Question 5

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 
A) selective 
B) focused 
C) differentiated 
D) concentrated 
E) undifferentiated

Question 6

The amount of product a company expects to sell during a specific period at a specified level of marketing activity is called the

Accepted Answer

A) company sales potential. 
B) revenue estimate. 
C) company sales prediction. 
D) market potential. 
E) sales forecast. 
A) company sales potential. 
B) revenue estimate. 
C) company sales prediction. 
D) market potential. 
E) sales forecast.

Question 7

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

Accepted Answer

A) segmentation. 
B) diversification. 
C) target marketing. 
D) concentration. 
E) customization. 
A) segmentation. 
B) diversification. 
C) target marketing. 
D) concentration. 
E) customization.

Question 8

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 Seventh Generation be using?

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 
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 9

If Morton Salt saw all table salt customers as pretty much alike and thus offered only one marketing mix,it would be using the ____ strategy.

Accepted Answer

A) directed 
B) undifferentiated 
C) segmented 
D) differentiated 
E) product-use 
A) directed 
B) undifferentiated 
C) segmented 
D) differentiated 
E) product-use

Question 10

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 11

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 
A) bicycle 
B) computer 
C) notebook 
D) seasoning salt 
E) oscillating fan

Question 12

The Sara Lee Company is attempting to forecast sales for a new ice cream cake.To come up with an accurate forecast,Sara Lee places the product in Atlanta supermarkets for a period of four months.In this instance,Sara Lee is using which forecasting method?

Accepted Answer

A) Time series analysis 
B) Market test 
C) Executive judgment 
D) Regression analysis 
E) Survey 
A) Time series analysis 
B) Market test 
C) Executive judgment 
D) Regression analysis 
E) Survey

Question 13

When selecting specific target markets,a firm should

Accepted Answer

A) revert to an undifferentiated approach if the market is deemed heterogeneous. 
B) choose the segments most in line with the firm's objectives and long-term growth. 
C) choose all segments that are determined to be profitable for the organization. 
D) choose the minimum number of segments necessary to achieve company sales potential. 
E) pick the segments with the best sales forecasts for the upcoming period of time. 
A) revert to an undifferentiated approach if the market is deemed heterogeneous. 
B) choose the segments most in line with the firm's objectives and long-term growth. 
C) choose all segments that are determined to be profitable for the organization. 
D) choose the minimum number of segments necessary to achieve company sales potential. 
E) pick the segments with the best sales forecasts for the upcoming period of time.

Question 14

A disadvantage of the concentrated targeting strategy is that

Accepted Answer

A) the firm's financial condition is tied to a single and specialized marketing mix. 
B) large sales volumes cannot be generated. 
C) production costs may be higher than with other strategies. 
D) marketing personnel may become dissatisfied with the limited opportunities provided by this approach. 
E) marketing costs are often higher than for other strategies. 
A) the firm's financial condition is tied to a single and specialized marketing mix. 
B) large sales volumes cannot be generated. 
C) production costs may be higher than with other strategies. 
D) marketing personnel may become dissatisfied with the limited opportunities provided by this approach. 
E) marketing costs are often higher than for other strategies.

Question 15

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. 
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 16

A forecasting method that predicts sales based on relationships between past sales and other variables is called

Accepted Answer

A) regression analysis. 
B) customer forecasting surveys. 
C) the Delphi technique. 
D) random factor analysis. 
E) time series analysis. 
A) regression analysis. 
B) customer forecasting surveys. 
C) the Delphi technique. 
D) random factor analysis. 
E) time series analysis.

Question 17

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 18

One limitation of the sales force survey technique is that salespeople often believe that their sales goals are determined by their sales estimates.

Accepted Answer

A) True 
 B)False

Question 19

Walmart sells numerous products,including packaged food,produce,automotive maintenance services,eyeglasses,clothing,and toys.Walmart advertises itself as a store where "we save people money so they can live better," focusing on its low prices as the customer's most important need.Walmart's advertising appears to use a(n)_____ strategy to a market that is _____.

Accepted Answer

A) undifferentiated;homogeneous. 
B) undifferentiated;heterogeneous. 
C) differentiated;homogeneous. 
D) homogeneous;differentiated. 
E) heterogeneous;undifferentiated. 
A) undifferentiated;homogeneous. 
B) undifferentiated;heterogeneous. 
C) differentiated;homogeneous. 
D) homogeneous;differentiated. 
E) heterogeneous;undifferentiated.

Question 20

Scenario 6.1
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.Currently,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 6.1.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

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

During the evaluation of relevant market segments,competitive assessment is used primarily to determine the possibility of additional competitors entering particular segments.

Estimating the cost of entering a market and focusing on a specific target segment is important because

Only one variable can be used to segment a market.

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

The amount of product a company expects to sell during a specific period at a specified level of marketing activity is called the

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

If Morton Salt saw all table salt customers as pretty much alike and thus offered only one marketing mix,it would be using the ____ strategy.

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.

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

The Sara Lee Company is attempting to forecast sales for a new ice cream cake.To come up with an accurate forecast,Sara Lee places the product in Atlanta supermarkets for a period of four months.In this instance,Sara Lee is using which forecasting method?

When selecting specific target markets,a firm should

A disadvantage of the concentrated targeting strategy is that

The first step in the target market selection process is

A forecasting method that predicts sales based on relationships between past sales and other variables is called

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

One limitation of the sales force survey technique is that salespeople often believe that their sales goals are determined by their sales estimates.

An Overview of Strategic Marketing

Planning, Implementing, and Evaluating Marketing Strategies

The Marketing Environment

Social Responsibility and Ethics in Marketing

Marketing Research and Information Systems

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product Concepts

Developing and Managing Products

Services Marketing

Branding and Packaging

Marketing Channels and Supply-Chain Management

Retailing, direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Setting Prices

Filters

Exam 6: Target Markets: Segmentation and Evaluation

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

During the evaluation of relevant market segments,competitive assessment is used primarily to determine the possibility of additional competitors entering particular segments.

Estimating the cost of entering a market and focusing on a specific target segment is important because

Only one variable can be used to segment a market.

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

The amount of product a company expects to sell during a specific period at a specified level of marketing activity is called the

The process of dividing a total market into market groups because people within each group have relatively similar product needs is called

If Morton Salt saw all table salt customers as pretty much alike and thus offered only one marketing mix,it would be using the ____ strategy.

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.

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

The Sara Lee Company is attempting to forecast sales for a new ice cream cake.To come up with an accurate forecast,Sara Lee places the product in Atlanta supermarkets for a period of four months.In this instance,Sara Lee is using which forecasting method?

When selecting specific target markets,a firm should

A disadvantage of the concentrated targeting strategy is that

The first step in the target market selection process is

A forecasting method that predicts sales based on relationships between past sales and other variables is called

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

One limitation of the sales force survey technique is that salespeople often believe that their sales goals are determined by their sales estimates.

An Overview of Strategic Marketing

Planning, Implementing, and Evaluating Marketing Strategies

The Marketing Environment

Social Responsibility and Ethics in Marketing

Marketing Research and Information Systems

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product Concepts

Developing and Managing Products

Services Marketing

Branding and Packaging

Marketing Channels and Supply-Chain Management

Retailing, direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Pricing Concepts

Setting Prices

Filters