learn it CH 6

Which of the following is the fourth step of the target market selection process?

Evaluate relevant market segments

Carrying different recreation products in stores in different zip codes based on lifestyles and demographics is which geographic variable?

Geodemographic segmentation

Which of the following is a market composed of individuals or organizations with diverse product needs?

Heterogeneous market

A market must have which of the following characteristics?

People or organizations, The ability and willingness to buy, Needs and wants

Which of the following does a firm consider when selecting a specific target market?

The firm must analyze its ability to compete in selected segments by understanding the organization's financial resources, managerial skills, employee expertise, and facilities.,, The firm must consider if the requirements of any segment might conflict with the organization's overall objectives.,, The firm must examine long-term versus short-term growth in each segment.

Which of the following sales forecast methods uses historical sales data to discover a pattern in sales over time?

Time series analysis

Tailoring marketing mixes to the organizations' unique needs is based on which company characteristic?

Type of organization

_______ places an organization in a strong position to serve customers' needs and achieve its objectives.

a careful target market analysis

A market segment is _______ if marketers can reach members of the segment with customized marketing mixes.

accessible

Identify the five forecasting techniques by matching the descriptions of forecasting techniques in the left column to the categories of forecasting techniques in the right column.----executive judgement

basing decisions off of the intuition of one or more executives

Consumer behaviors toward a product are ---- factors that may be used to segment a market while personality, motivation, and lifestyle are ----

behavioristic, psychographic

_______ focuses on the attributes that consumers seek and what they expect to receive from a good or service.

benefit segmentation

Estimating how much of a product a potential buyer in a specific geographic area will purchase in a given period is known as ________.

buildup approach

An advantage of the _______ strategy is that it allows a firm to specialize.

concentrated targeting

A consumer market _______.

consists of purchasers and household members who intend to consume or benefit from the purchased products and do not buy products to make a profit or serve an organizational need

When a company targets several different market segments and creates a different marketing mix for each segment, they are using _______.

differentiated targeting

The first step in the target market selection process is to----

identify the appropriate targeting strategy

Demographic segmentation uses which of the following bases?

income, gender, family life cycle

Identify the five forecasting techniques by matching the descriptions of forecasting techniques in the left column to the categories of forecasting techniques in the right column.----market tests

making a product available to buyers in test areas to measure consumer purchases and response

The total amount of product that customers will purchase within a specified period at a specific level of industry-wide marketing activity is best described as _______.

market potential

Identify the five forecasting techniques by matching the descriptions of forecasting techniques in the left column to the categories of forecasting techniques in the right column.----regression analysis

predicting sales based on finding relationships between past sales and independent variables like population or income

Marketers use market segment profiles to assess the degree to which their products fit potential customers' _______.

product needs

Dividing a market into segments based on the various ways to use a product is known as ________.

product use

A market segment that has enough profit potential to justify developing and maintaining a special marketing mix is said to be _______.

profitable

Identify the five forecasting techniques by matching the descriptions of forecasting techniques in the left column to the categories of forecasting techniques in the right column.---- surveys

questioning customers about their expectations for future purchases

When marketing managers look for a relationship between past sales and one or more independent variables, such as population, per capita income, or gross domestic product, they are engaging in _______.

regression analysis

The characteristics of consumers and organizations that marketers use to divide a market into segments are known as _______.

segmentation variables

The first of two major components of developing a marketing strategy is to _______.

select a target market

A market segment profile describes the ---- among potential customers within a segment and explains the ---- among people and organizations in different segments.

similarities, differences

When a company uses a single marketing mix to target all customers, it is utilizing _______.

undifferentiated targeting

Identify the five forecasting techniques by matching the descriptions of forecasting techniques in the left column to the categories of forecasting techniques in the right column.----time series analysis

using sales data to discover patterns in the firms sales over time