e) by starting with general economic conditions. c. choose all segments that are determined to be profitable for the organization. Which of the following sales forecasting techniques would generally be most suitable for estimating sales of a new product? When selecting their target markets, companies have to make a choice of whether they are going to be focused on one or few segments or they are going to cater to the mass market. Occupation, family size, and family life cycle are all ______ variables for segmenting consumer markets. c) they would not have the ability to purchase such products. After looking at the total market for locomotive engines, the company found that different rail lines wanted engines. While developing a company sales forecast at Safeway, Barb Herrington discovered a pattern in sales volume over the past five years. What is the main problem with using a market test as a forecasting tool? The Sara Lee Company is attempting to forecast sales for a new ice cream cake. Which of the following is NOT a typical supply chain member? The sales prediction technique based on the correlation between sales and other factors such as population density, per capita income, or family size is. When marketing research shows that a group of people does not desire a particular product, the people in that group, The first step in the target market selection process is. Variables such as geographic location, type of organization, customer size, and type of product usage are used to segment ___________ markets. b) choose the segments most in line with the firm's objectives and long-term growth. He is using a, The buildup approach measure of sales potential, c) starts with forecasts about demand for a specific product within a relatively, When evaluating market segments, assessment of competitors is important because, c) sales estimates may cause a segment to appear to be lucrative, but there may, Estimating the cost of entering a market and focusing on a specific target segment is important because, d) the organization's marketers need to know if they can reach the segment at, The final step in the target market selection process is, Frito-Lay Snack Foods is currently conducting market segmentation studies. When selecting specific target markets, a firm should. Population density and city size are _______ variables used for market segmentation. When selecting a target market, firms will be most successful if they A. decide between demographic and geographic segmentation methods. The process of dividing a total market into market groups because people within each group have relatively similar product needs is called, Several conditions must exist for market segmentation to be successful. McDonald's uses a segmentation strategy for its sandwiches based on market characteristics such as age, gender, or income. Lil' Angels Kids Spa offers various treatments designed to appeal to the younger customer. Which of these statements is not true about business markets? Pillsbury defines all purchasers of flour as its target market. This manager is using a _________ approach to estimating sales potential. When selecting specific target markets, a firm should a. revert to an undifferentiated approach if the market is deemed heterogeneous. (p. 261) When selecting a target market, firms should attempt to: A. determine consumers' objectives. ** Question 7 Positioning a product to avoid competition may be best when the Correct Answer: product's performance characteristics are not significantly different from those of competing brands. A) the firm's financial condition is tied to a single and specialized marketing mix. Age, rate of product use, location, and gender are all examples of common. Retail-site location analyses, unique product offerings, and special advertising campaigns are all examples of the use of. When research indicated that Bluetooth's products were not reaching the correct target market, marketers of Bluetooth decided to change from demographic segmentation to psychographic segmentation. Katy Ramirez is a marketer for a golf equipment manufacturer. What type of targeting strategy is the ProMark Company using? When selecting specific target markets, a firm should a) revert to an undifferentiated approach if the market is deemed heterogeneous. Marketers question a sample of consumers about Sierra Mist and other drinks on two different dimensions. When a company is introducing a new brand in a market where it already has one or more brands, which type of product positioning is most likely to be used? C & H will most likely use a(n) ___________ approach in defining a target market. This is an example of market segmentation based on variables of. The undifferentiated targeting strategy for finding a target market will likely not be successful if. e) the sales staff is closer to the actual customers on a regular basis than anyone else in the organization. Which of the following is not one of the major categories of consumer market segmentation variables? d) use a positively viewed characteristic they assume much of their target market has or would like to have. Your target market should be one which is attracted to your product and your product also needs to be differentiated as per the target market.