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Exam 6: Target Markets: Segmentation and Evaluation

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Question 21

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A market segment profile describes the similarities among potential customers within a segment and explains the differences among people across market segments.

A) True
B) False

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Question 22

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The buildup approach measure of sales potential

A) starts with broad estimates of general economic activity.
B) ends with an estimate of a single firm's sales of a specific product.
C) starts with forecasts about demand for a specific product within a relatively small area.
D) does not use sales estimates.
E) is seldom employed by industrial firms.

F) A) and B)
G) A) and C)

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Question 23

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A widely used system for classifying individuals on the basis of lifestyle is

In a customer survey, a marketer would question customers about the types and quantities of products they intend to buy during a specific time period.

One way marketers can segment business markets is according to their geographic location.

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

A person who has buying power also has the authority to buy.

The first step in the target market selection process is

Individuals' ability to buy depends on the amount of their buying power.

When markets are comprised of people with differing product needs, the marketing manager should use a(n) ____ strategy.

In order to be considered a market, people do not have to have

When a company has its sales forecasts prepared by management consultants, economists, or college professors, it is using a(n)

When a business has a relatively small number of customers, a preferred method of forecasting is

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

A marketer that targets customers based on marital status and the presence and age of children is using

The maximum percentage of market potential that an individual firm can expect to obtain for a specific product is the

A market segment profile may cover such aspects as demographic characteristics, geographic factors, product benefits sought, lifestyles, brand preferences, and usage rates.

Scenario 6.1 Use the following to answer the questions. Lil' Angels Kids Spa offers various treatments designed to appeal to the younger customer. Treatment options include manicures, pedicures, facials, tea parties, and dress up photos. Parents can even purchase a birthday party package. Currently, Lil' Angels offers its services only to girls under the age of 14. Originally begun in Delaware, Lil' Angels is considering opening its spa/salons in other parts of the country and is planning to expand its offerings to girls aged 14 to 17. The company realizes that some changes may be needed. For example, management wants to find out if the older girls will be interested in their birthday party and tea party services. -Refer to Scenario 6.1. Lil' Angels Kids Spa is currently using a(n) ____ targeting strategy.

A business advantage of the concentrated targeting strategy for any company is that it

The term market density refers to the number of potential customers per unit of land area, such as per square mile.