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Exam 6: Target Markets, Segmentation and Evaluation

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Question 81

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The first step of the target market selection process is identifying the appropriate targeting strategy; the last step is evaluating relevant market segments.

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B) False

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Question 82

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Company sales potential is the maximum percentage of market potential that an individual firm within an industry can expect to obtain for a specific product.

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B) False

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Question 83

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Motives can be used to segment markets.

Procter & Gamble markets Cheer detergent to young singles and couples and Tide detergent to families. Procter & Gamble is using a(n) ____ targeting strategy for laundry detergents.

The executive judgment method of sales forecasting is very accurate in predicting future sales.

Interior Designs Inc. sells expensive custom-made draperies, bedding, and accessories through sales representatives who are also interior designers. It also has another, slightly less expensive line that it sells through stores such as Nordstrom's and Saks Fifth Avenue. Interior Designs Inc. is most likely using a(n) ____ targeting strategy.

Sellers of farm produce would be likely to use an undifferentiated targeting strategy.

Seller Company sells small refrigerators. It usually sells these refrigerators to hotels and offices. However, sometimes its customers choose to buy their refrigerators because they do not have a lot of room for a full-size refrigerator in their houses and apartments. Its primary market is the _____________ market, but it also sells to the _____________ market.

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

Alpine Ski Shops is looking for new markets for both its brick and mortar retail stores and its catalog division. Alpine Ski Shops would most likely use a(n) ______ base for market segmentation of its stores and a(n) ______ base for market segmentation of its catalog division.

Maya has a great idea for a new shoe store. When she first conceived of the idea, she believed her target market would be the entire shoe market. However, as she learned more about marketing, she realized that different types of consumers were looking for different types of footwear. She also learned that some segments of the population would be much more profitable than others. Maya has used a number of variables to divide the market into different groups, including those that use shoes as a status symbol, those that use shoes for sports, and those who wear shoes simply because they are comfortable. What stage of the target market selection process is Maya currently at?

The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is

Mattel views the toy market as composed of four age groupings, each with different needs and desires. Mattel is using a(n) ____ targeting strategy for its groups, which are known as _____.

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

The forecasting method that utilizes a firm's historical sales data to find patterns in the firm's sales volume over time is

Starbucks will spend $2 million marketing its newest latte drink. It expects to sell 15 million of these lattes over the next year. These 15 million lattes are a _____________ for Starbucks.

Alex Wren of Owens Corning Fiberglass talks to Terry Jones, a homebuilder, to find out how much fiberglass insulation he intends to use in building homes during the next year. Albert then multiplies that number by the total number of builders in the territory. He is using a ____ approach to measure sales potential.

Trend analysis is a sales forecasting technique that focuses on aggregate sales data over a period of many years to determine general trends in annual sales.

There are generally __________ steps in the target market selection process. The second step is ______________.

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