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
