Question 1

Different levels of favorability toward the company is called:

Accepted Answer

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Question 2

_____ members of market segments can be enumerated and evaluated.

Accepted Answer

Market segments need to be identifiable, meaning they can be identified and distinguished from other groups of potential customers based on their characteristics, needs, behaviors or other factors. Being able to identify and understand a market segment is an essential step in targeting and serving it effectively. While switchable, accessible, reliable, and valuable are all important qualities of market segments, they are not as fundamental as being identifiable.

Question 3

What is purchasing mentality?

Accepted Answer

Purchasing mentality refers to the mindset or behavior of buyers when it comes to making purchasing decisions. Some buyers may prioritize finding the lowest price on certain products, even if it means sacrificing quality or other factors. This is known as a price-oriented purchasing mentality.

Question 4

_____ is a means of ensuring quality through storage and transport,an avenue for distinguishing the brand and part of a process that offers opportunities for efficiency gains in the use of labor and working capital.

Accepted Answer

Packaging is a means of ensuring quality through storage and transport, as it protects the product from damage and contamination. Packaging is also used for distinguishing the brand and can be part of a process that offers opportunities for efficiency gains in the use of labor and working capital.

Question 5

_____ represent a class of tools that help to reveal customers' mental picture of the marketplace.

Accepted Answer

Perceptual maps are visual tools used to depict customers' perceptions and mental pictures of the marketplace, showing how they view different products or brands in relation to each other.

Question 6

Write a short note on the 80-20 and 75-10 rules?

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Question 7

Which of the following statements about NAICS is FALSE?

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Question 8

Sellers often seek to secure a preferred position in the customer's mind through:

Accepted Answer

Positioning refers to the process of establishing a distinct image in the customer's mind for a particular product or brand. By positioning themselves effectively, sellers can stand out from their competitors, differentiate themselves, and establish a preferred position in the customer's mind. This can result in increased customer loyalty and higher sales. Focusing, segmenting, and factoring are all important concepts in marketing, but they do not directly relate to securing a preferred position in the customer's mind. Sugging is an unethical practice that involves selling goods or services under the guise of research or survey participation, and is not a legitimate marketing strategy.

Question 9

What are the three major factors for the popularity of focus group research?

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Question 10

Identify the key drawbacks of telephone surveys and online surveys?

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Question 11

Classifying customers on the basis of _____,often leads to a breakdown featuring Fortune 500 firms,other named accounts,midsized firms and small businesses.

Accepted Answer

Classifying customers on the basis of size often leads to a breakdown featuring different types of companies such as Fortune 500 firms, other named accounts, midsized firms, and small businesses. Therefore, choice A (size) is the best answer. While industries, geography, and technology are also important ways to classify customers, they may not necessarily lead to the breakdown mentioned in the question. Product may be relevant for some industries, but not all, and may not necessarily lead to the breakdown mentioned in the question.

Question 12

Market estimates by this approach come from building up the materials or parts units needed in a specific application or from specific accounts.

Accepted Answer

This approach is known as the bottom-up approach, which involves estimating the demand for individual components or materials and then aggregating them to arrive at a total market estimate. This process is also referred to as factoring.

Question 13

_____ comprise a forecasting technique that requires managers to write explicit anticipated futures and articulate the chains of events that would need to occur to make the future happen.

Accepted Answer

Scenarios involve managers writing out potential futures and identifying the key events that would need to occur for that future to become a reality. This technique helps organizations plan for different potential outcomes and be better prepared for the future.

Question 14

_____ means that members of a market can be reached or impacted by some directed marketing activity.

Accepted Answer

Accessibility refers to the ability to reach or impact members of a market through directed marketing activities such as advertising, sales promotions, or direct marketing. It is an important consideration for marketers when developing their marketing strategies.

Question 15

The volume of certain materials,logistical services or MRO goods can be compared to finished products output in a:

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Question 16

This involves hard thinking and analysis of how the product fits into the value-added process.

Accepted Answer

The buildup approach involves analyzing how a product fits into the value-added process, which is a process of adding value to a product or service through various stages of production.

Question 17

Compare and contrast scenarios and the buildup approach?

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Question 18

Briefly describe data mining?

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Question 19

Which of the following is an estimation technique that uses the correlation between demand and some other set of economic activities to yield a forecast?

Accepted Answer

The estimation technique that uses the correlation between demand and some other set of economic activities to yield a forecast is called a statistical series. It involves analyzing historical data to identify patterns and trends, and then using those patterns to make predictions about future demand. This can be a useful technique when there is a strong correlation between demand for a product or service and other economic factors such as employment rates, consumer spending, or inflation.

Question 20

Good markets are identifiable,accessible,and:

Accepted Answer

Good markets are not only identifiable and accessible, but also substantial in size. A substantial market means that there is enough demand for the product or service being offered to make the business profitable.

Quiz 5: Market Opportunities: Current and Potential