Question 1

A non-profit food bank was gathering and handing out food to anyone who requested it. It now wants to only give free food to people who go hungry on a regular basis. This will be the market
segment it targets. How will the evaluation of its market segment strategy differ from that used for a retail store?

Accepted Answer

The answer of A non-profit food bank was gathering and...

Question 2

If Prince Sports, Inc. was competing against Wilson Sports in the tennis racquet market on essentially the same kinds of racquet features, they would be using:
A)differentiation positioning
B)head-to-head positioning
C)segmented positioning
D)product positioning

Accepted Answer

Head-to-head positioning refers to competing directly with a competitor on similar features and benefits. In this scenario, Prince Sports, Inc. is competing against Wilson Sports in the same market for tennis racquets. Therefore, head-to-head positioning is the best choice.

Question 3

Define market segmentation. How does it link needs with marketing actions?

Accepted Answer

The answer of Define market segmentation. How does it link...

Question 4

A marketing manager should develop segments for a market that meet five principal criteria. List these important factors in marketing planning.

Accepted Answer

The answer of A marketing manager should develop segments for...

Question 5

The likely final outcome of poor segmentation is?
A)poor targeting and poor production
B)poor targeting and poor positioning
C)lowered sales
D)poor differentiation and poor production

Accepted Answer

The answer of The likely final outcome of poor segmentation...

Question 6

Which of the following forecasting techniques would be most accurate for estimating sales revenues for Waste Treatment Inc.'s commercial garbage disposal equipment for next year?
A)a Delphi forecast
B)a survey of buyers' intentions forecast
C)a technological forecast
D)a jury of expert opinion forecast

Accepted Answer

A survey of buyers' intentions forecast would be the most accurate option for estimating sales revenues for next year as it directly collects information from potential customers about their purchasing plans. This method is based on the principle that buyers' intentions are a good predictor of future sales. A Delphi forecast and a jury of expert opinion forecast rely on the opinions of a group of individuals, which may not accurately represent the market. A technological forecast would be more appropriate for predicting the long-term impact of technological advancements on the industry, rather than short-term sales forecasts.

Question 7

The three main segments that Prince Sports, Inc. has identified are:
A)professional, amateur, and recreational
B)regular-sized racquet, intermediate-sized racquet, and large-sized racquet
C)performance, recreational, and junior
D)beginner, intermediate, and advanced

Accepted Answer

Prince Sports, Inc. has identified three main segments as performance, recreational, and junior. This categorization is based on the different levels of players and their preferences, which helps Prince Sports, Inc. to provide customized products and services to each segment. The other options do not accurately reflect the segments identified by Prince Sports, Inc.

Question 8

Why would an organization produce a single good or service and then attempt to sell it to two or more market segments?

Accepted Answer

The answer of Why would an organization produce a single...

Question 9

Pristine Carpet Cleaning was trying to forecast sales for the next year. The marketing manager sent out a survey to 1000 prospective customers, asking them if they were planning to clean their carpet in the next 12 months. This is an example of a:
A)a technological forecast
B)a survey of buyers' intentions forecast
C)a Delphi forecast
D)a jury of expert opinion forecast

Accepted Answer

This is an example of a survey of buyers' intentions forecast, as it involves asking prospective customers about their plans for carpet cleaning in the next 12 months in order to forecast sales.

Question 10

The president, vice-president, and directors of marketing, finance, and research and development meet to discuss sales for the next fiscal year. All of the people present contribute to the discussion although they are somewhat inhibited by the strong personality of the finance director. Together they finalize the sales projections for the following year. This is an example of a __________forecast.
A)survey of experts
B)surveys of knowledgeable groups
C)judgments of individuals
D)Delphi

Accepted Answer

This scenario describes a group of knowledgeable individuals (the president, vice-president, and directors of various departments) coming together to discuss and finalize sales projections, which aligns with the concept of surveys of knowledgeable groups.

Question 11

All the salespeople in the Western regional office are asked to provide estimates of anticipated sales revenues for the next quarter. Based on this information, the forecast is set at $4,750,000 for the quarter. This is an example of a __________forecast.
A)jury of executive opinion
B)judgments of individuals
C)salesforce survey
D)survey of experts

Accepted Answer

The question mentions that all the salespeople in the Western regional office were asked to provide estimates of anticipated sales revenues. This method of forecasting is known as a salesforce survey.

Question 12

A home heating company calls potential customers to understand if they are interested in purchasing a new furnace in the next three years. The company is conducting
A)survey of buyers' intentions
B)jury of executive opinion
C)a statistical method
D)a technological forecast

Accepted Answer

The company is conducting a survey to understand potential buyers' intentions, which is a common method to gather data on future purchasing behavior.

Question 13

What is product differentiation? How does it relate to market segmentation? How does it potentially improve a firm's revenues?

Accepted Answer

The answer of What is product differentiation? How does it...

Question 14

Your company earned sales of $10 million last year and is anticipating a growth rate this year of 12.5%. You calculate this year's sales may be $12.5 million. Which forecasting method did you use to arrive at this answer?
A)exponential interpolation
B)trend extrapolation
C)information extension
D)inductive extrapolation

Accepted Answer

The forecasting method used in the scenario is trend extrapolation, where past trends are used to predict future growth. The calculation is based on the assumption that the past trend will continue at the same rate in the future. This method is commonly used in business forecasting.

Question 15

The CEO says to her marketing manager, "The sales for 2011 were 1000 units higher than 2012, and the sales for 2013 were 1000 units higher than 2014. I'd say we're safe in forecasting 2015 sales as 1000 units greater than 2014." The CEO was most likely talking about the results of a _ _ forecast.
A)linear trend extrapolation
B)Delphi
C)jury of executive opinion
D)direct

Accepted Answer

The CEO's statement implies that they are using a linear trend extrapolation, where they assume that the trend of decreasing sales from 2011 to 2014 will continue and forecast that the sales in 2015 will be 1000 units higher than in 2014.

Question 16

Assuming influencing factors are reasonably stable, which of the following forecasting techniques would be the most accurate for estimating the number of replacement car batteries that will be purchased by U.S. consumers next year?
A)salesforce survey forecast
B)trend extrapolation forecast
C)jury of expert opinion forecast
D)Delphi forecast

Accepted Answer

Trend extrapolation forecast would be the most accurate technique for estimating the number of replacement car batteries that will be purchased by U.S. consumers next year, assuming influencing factors are reasonably stable. Trend extrapolation allows for the identification and extension of patterns from historical data, which can provide a reliable estimate of future demand. Salesforce survey forecast, jury of expert opinion forecast, and Delphi forecast may not be as accurate as they rely on subjective assessments and assumptions from individuals or groups, rather than objective data analysis.

Question 17

A survey of military health care providers on what types of supplies and how much should be stockpiled in the event of a bioweapons' terrorist attack could be an example of a__________ forecast.
A)Delphi
B)survey of knowledgeable group
C)judgments of individuals
D)jury of public opinion

Accepted Answer

A survey of knowledgeable group, specifically military health care providers, would provide expert opinions and insights on what types of supplies and how much should be stockpiled in the event of a bioweapons' terrorist attack. This is a type of judgment that is based on the knowledge and experience of individuals in a particular field.

Question 18

"We're increasing TV advertising, adding some sales representatives, and adding 3 new product models. All those things are positive. But on the negative side, we're going to increase prices across the board by 20 percent. So on balance, I think sales will increase next year by 5 percent". When a marketing student overheard this comment, she knew the person who was talking was planning to use a __________.
A)technological forecast
B)Delphi forecast
C)trend extrapolation
D)lost-horse forecast

Accepted Answer

The person is using a lost-horse forecast, which involves making a forecast based on the assumption that past trends or patterns will continue, but also adjusting for new changes or strategies (in this case, increasing advertising, adding sales representatives and new product models, and increasing prices) without a systematic analysis.

Question 19

Prince Sports, Inc. makes different racquets for each of the six sub-segments that it has identified. Prince Sports, Inc. has chosen a:
A)mass customization strategy
B)build-to-order strategy
C)market penetration strategy
D)product differentiation strategy

Accepted Answer

Prince Sports, Inc. has chosen a product differentiation strategy, as they are creating different racquets for each sub-segment. This strategy focuses on creating unique and distinct products to appeal to specific customer groups. It allows the company to tailor their offerings to the needs and preferences of each sub-segment, which can lead to increased customer satisfaction and loyalty.

Question 20

Why would an organization produce multiple products or services and then attempt to sell them to two or more market segments?

Accepted Answer

The answer of Why would an organization produce multiple products...

Quiz 9: Market Segmentation, Targeting, and Positioning

If Prince Sports, Inc. was competing against Wilson Sports in the tennis racquet market on essentially the same kinds of racquet features, they would be using:

Define market segmentation. How does it link needs with marketing actions?

A marketing manager should develop segments for a market that meet five principal criteria. List these important factors in marketing planning.

The likely final outcome of poor segmentation is?

Which of the following forecasting techniques would be most accurate for estimating sales revenues for Waste Treatment Inc.'s commercial garbage disposal equipment for next year?

The three main segments that Prince Sports, Inc. has identified are:

Why would an organization produce a single good or service and then attempt to sell it to two or more market segments?

Pristine Carpet Cleaning was trying to forecast sales for the next year. The marketing manager sent out a survey to 1000 prospective customers, asking them if they were planning to clean their carpet in the next 12 months. This is an example of a:

All the salespeople in the Western regional office are asked to provide estimates of anticipated sales revenues for the next quarter. Based on this information, the forecast is set at $4,750,000 for the quarter. This is an example of a __________forecast.

A home heating company calls potential customers to understand if they are interested in purchasing a new furnace in the next three years. The company is conducting

What is product differentiation? How does it relate to market segmentation? How does it potentially improve a firm's revenues?

Your company earned sales of $10 million last year and is anticipating a growth rate this year of 12.5%. You calculate this year's sales may be $12.5 million. Which forecasting method did you use to arrive at this answer?

The CEO says to her marketing manager, "The sales for 2011 were 1000 units higher than 2012, and the sales for 2013 were 1000 units higher than 2014. I'd say we're safe in forecasting 2015 sales as 1000 units greater than 2014." The CEO was most likely talking about the results of a _ _ forecast.

Assuming influencing factors are reasonably stable, which of the following forecasting techniques would be the most accurate for estimating the number of replacement car batteries that will be purchased by U.S. consumers next year?

A survey of military health care providers on what types of supplies and how much should be stockpiled in the event of a bioweapons' terrorist attack could be an example of a__________ forecast.

Prince Sports, Inc. makes different racquets for each of the six sub-segments that it has identified. Prince Sports, Inc. has chosen a:

Why would an organization produce multiple products or services and then attempt to sell them to two or more market segments?