Question 1

How do business markets differ from consumer markets?

Accepted Answer

Answer not provided.

Question 2

Discuss the differences between the breakdown and buildup approaches to measuring company sales potential.What are the similarities between these two approaches?

Accepted Answer

Answer not provided.

Question 3

Discuss the advantages and disadvantages of using executive judgment in forecasting company sales.

Accepted Answer

Answer not provided.

Question 4

Why is it important for marketers to assess competitors before entering a market segment?

Accepted Answer

The answer of Why is it important for marketers to...

Question 5

Under what conditions would head-to-head product positioning be advisable?

Accepted Answer

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Question 6

Why is it important for marketers to forecast sales potential for the entire industry as well as for the individual company?

Accepted Answer

The answer of Why is it important for marketers to...

Question 7

When evaluating market segments,which three major issues should be considered?

Accepted Answer

The answer of When evaluating market segments,which three major issues...

Question 8

Why would a firm survey its sales force to forecast company sales? Why would a firm choose an expert forecasting survey instead?

Accepted Answer

The answer of Why would a firm survey its sales...

Question 9

What are the major steps of the target market selection process?

Accepted Answer

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Question 10

Identify the four major categories of segmentation of variables for consumer products,and give three examples of each.

Accepted Answer

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Question 11

Would a person's political views be an effective variable with which to segment a market? Why or why not?

Accepted Answer

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Question 12

Which of the following is not a requirement or characteristic of a market?
A) The ability to purchase a product
B) A large number of people or organizations
C) The authority to buy a product
D) The willingness to use buying power
E) The need for a specific product in a specific product category

Accepted Answer

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

Question 13

Which of the following is not a characteristic of a consumer market?
A) it consists of purchasers who intend to consume or benefit from the purchased products
B) they do not buy products for the main purpose of making a profit
C) they are sometimes referred to as B2C markets
D) their purchasing decisions are always made by only one individual
E) each of us belongs to numerous markets of this type

Accepted Answer

The statement "their purchasing decisions are always made by only one individual" is not true for all consumer markets. In some cases, purchasing decisions may be made by a group or family, especially for items that will be shared or used by multiple individuals.

Question 14

Compare and contrast the concentrated and differentiated targeting strategies of market segmentation.

Accepted Answer

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Question 15

What are the conditions under which an undifferentiated targeting strategy is effective? Why are these conditions essential?

Accepted Answer

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Question 16

Why do marketers rely heavily on demographic characteristics when segmenting consumer markets?

Accepted Answer

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Question 17

What variables are used to segment business markets?

Accepted Answer

The answer of What variables are used to segment business...

Question 18

Discuss the difference between sales forecasts and company sales potential.Why is it important for a marketer to be able to forecast sales?

Accepted Answer

The answer of Discuss the difference between sales forecasts and...

Question 19

Which of these statements is not true about business markets?
A) the purchase may be made to resell the item
B) the purchase is always made by more than one individual
C) the purchase may be made to use in general daily operations
D) the purchase may be made to use in production of another product
E) they can also be referred to as organizational markets

Accepted Answer

The statement "the purchase is always made by more than one individual" is not true about business markets. In many cases, a single decision maker or a small group of decision makers may make the purchase on behalf of the organization.

Question 20

Any group of people who,as individuals or as organizations,have needs for products in a product class and who have the ability,willingness,and authority to buy such products is a(n)
A) business market.
B) market.
C) undifferentiated market
D) segmented market
E) market variable

Accepted Answer

A market is defined as any group of people or organizations that have needs for product classes and possess the ability, willingness, and authority to purchase such products. This encompasses a broad range of potential buyers, not limited to specific types of markets like business or segmented markets, making option B the correct answer.

Quiz 5: Selecting Target Markets

How do business markets differ from consumer markets?

Discuss the differences between the breakdown and buildup approaches to measuring company sales potential.What are the similarities between these two approaches?

Discuss the advantages and disadvantages of using executive judgment in forecasting company sales.

Why is it important for marketers to assess competitors before entering a market segment?

Under what conditions would head-to-head product positioning be advisable?

Why is it important for marketers to forecast sales potential for the entire industry as well as for the individual company?

When evaluating market segments,which three major issues should be considered?

Why would a firm survey its sales force to forecast company sales? Why would a firm choose an expert forecasting survey instead?

What are the major steps of the target market selection process?

Identify the four major categories of segmentation of variables for consumer products,and give three examples of each.

Would a person's political views be an effective variable with which to segment a market? Why or why not?

Which of the following is not a requirement or characteristic of a market?

Which of the following is not a characteristic of a consumer market?

Compare and contrast the concentrated and differentiated targeting strategies of market segmentation.

What are the conditions under which an undifferentiated targeting strategy is effective? Why are these conditions essential?

Why do marketers rely heavily on demographic characteristics when segmenting consumer markets?

What variables are used to segment business markets?

Discuss the difference between sales forecasts and company sales potential.Why is it important for a marketer to be able to forecast sales?

Which of these statements is not true about business markets?

Any group of people who,as individuals or as organizations,have needs for products in a product class and who have the ability,willingness,and authority to buy such products is a(n)