Question 1

Company sales, reported on a monthly basis for the past four years, is an example of a:

Accepted Answer

A time series is a sequence of data points collected or recorded at regular time intervals, such as monthly sales data over several years.

Question 2

The sales forecasting approach that utilizes a panel of experts and converts their opinions into an informed consensus by means of highly structured, multi-stage pooling is:

Accepted Answer

The Delphi method is a sales forecasting approach that utilizes a panel of experts and converts their opinions into an informed consensus by means of highly structured, multi-stage pooling.

Question 3

Successful implementation of a business segmentation strategy requires attention to which of the following issues?

Accepted Answer

Successful implementation of a business segmentation strategy requires attention to multiple issues, including adaptations for international markets, a comprehensive online strategy, and organization of the sales force, making "All of the answer choices" the correct option.

Question 4

Qualitative techniques that can be used for forecasting sales include:

Accepted Answer

The answer of Qualitative techniques that can be used for...

Question 5

The _____ component of a time series reflects short-term, random movements in the data that do not conform to a pattern which is regularly related to the calendar.

Accepted Answer

The irregular component of a time series represents random, unpredictable variations that do not follow a regular pattern or cycle.

Question 6

The industrial chemical industry in England shows a fairly regular rise and fall in demand over four- or five-year periods. This provides an illustration of the _____ component of a time series.

Accepted Answer

The cycle component of a time series refers to fluctuations that occur over longer periods, such as several years, which is consistent with the four- or five-year periods mentioned in the question.

Question 7

A _____ is a group of present or potential customers with some common characteristic which is relevant in explaining and predicting their response to a supplier's marketing stimuli.

Accepted Answer

A market segment is a group of customers with shared characteristics that influence their response to marketing efforts.

Question 8

The qualitative approach that most closely resembles the executive panel method of sales forecasting is:

Accepted Answer

The sales force composite method involves gathering insights and forecasts from the sales team, similar to how the executive panel method gathers insights from executives. Both rely on expert judgment and qualitative input.

Question 9

Which of the following is not one of the criteria for assessing the desirability of a potential market segment?

Accepted Answer

Accountability is not a standard criterion for assessing the desirability of a market segment. The typical criteria include measurability, accessibility, responsiveness, and substantiality.

Question 10

When a business marketer decides to target only those firms with centralized buying centers, what macrolevel segmentation variable is being used?

Accepted Answer

Structure of procurement is a macrolevel segmentation variable that is used to target only those firms with centralized buying centers.

Question 11

_____ techniques have as their objective the determination of a relationship between sales and one or more variables presumed to be related to sales.

Accepted Answer

Causal techniques aim to identify and quantify the relationship between sales and other variables that are believed to influence sales, such as price, advertising, or economic indicators.

Question 12

Which of the following is NOT a personal characteristic used in microlevel segmentation?

Accepted Answer

The answer of Which of the following is NOT a...

Question 13

Which sales forecasting approach is effective when intimate knowledge of customer plans is important?

Accepted Answer

The sales force composite approach is effective when intimate knowledge of customer plans is important because it involves gathering insights directly from the sales team, who have direct contact with customers and understand their needs and plans.

Question 14

Advanced Technologies, Inc. faces a forecasting dilemma. They wish to evaluate the level of sales that a new technology might enjoy in 2018. Historical data is limited and of little value since the new product is not well defined and the product concept is unique. Which forecasting approach would appear to be most appropriate?

Accepted Answer

The Delphi method is suitable for situations with limited historical data and unique product concepts, as it relies on expert opinions to forecast future events.

Question 15

Concerning segmentation criteria, _____ refers to the degree to which the segments are large or profitable enough to be worth considering for separate marketing cultivation.

Accepted Answer

Substantiality refers to the degree to which the segments are large or profitable enough to be worth considering for separate marketing cultivation.

Question 16

When a business marketer determines whether a buyer is employing a new task, modified rebuy or straight rebuy decision-making process, what macrolevel segmentation variable is being used?

Accepted Answer

Type of buying situation is a macrolevel segmentation variable that is used to determine whether a buyer is employing a new task, modified rebuy, or straight rebuy decision-making process.

Question 17

Albany Products found that the sales of one of their most important products is logically related to new construction expenditures. If the firm can forecast future values of this variable, which forecasting technique would appear to be most appropriate?

Accepted Answer

Regression analysis is appropriate here as it can model the relationship between sales and new construction expenditures, allowing for forecasting based on this relationship.

Question 18

The most crucial limitation(s) associated with causal methods of sales forecasting is(are):

Accepted Answer

Causal methods rely on predicting future values of independent variables, which can be uncertain and challenging.

Question 19

Which forecasting technique uses historical data ordered in time to project the trend and growth rate of sales?

Accepted Answer

Time series analysis uses historical data ordered in time to identify patterns, trends, and growth rates to forecast future sales.

Question 20

The _____ component of a time series reflects intermediate-term, regularly recurring, upswings and downswings of data around the long-term general direction of the data.

Accepted Answer

The cycle component of a time series captures intermediate-term fluctuations that occur at irregular intervals, often influenced by economic or business cycles, and are not tied to a specific season.

Quiz 4: Segmenting the Business Market and Estimating Segment Demand