MKT 300 Exam questions and
answers well graded A+
Consumer market - ANS✅✅Purchasers and household members who intend to consume or
benefit from the purchased products and do not buy products to make profits or serve an
organizational need
Business market - ANS✅✅individuals or groups that purchase a specific kind of product for resale,
direct use in producing other products, or use in general daily operations
Undifferentiated targeting strategy - ANS✅✅A strategy in which an organization designs a single
marketing mix and directs it at the entire market for a particular product
Homogeneous market - ANS✅✅a market in which a large proportion of customers have similar
needs for a product
Heterogeneous market - ANS✅✅A market made up of individuals or organizations with diverse
needs for products in a specific product class
Market segmentation - ANS✅✅The process of dividing a total market into groups with relatively
similar product needs to design a marketing mix that matches those needs
Market segment - ANS✅✅Individuals, groups, or organizations sharing one or more similar
characteristics that cause them to have similar product needs
Concentrated targeting strategy - ANS✅✅A market segmentation strategy in which an
organization targets a single market segment using one marketing mix
Differentiated targeting strategy - ANS✅✅A strategy in which an organization targets two or more
segments by developing a marketing mix for each segment
Segmentation Variables - ANS✅✅Characteristics of individuals, groups, or organizations used to
divide a market into segments
,market density - ANS✅✅The number of potential customers within a unit of land area
geodemographic segmentation - ANS✅✅a method of market segmentation that clusters people
into zip code areas and smaller neighborhood units based on lifestyle and demographic information
micromarketing - ANS✅✅An approach to market segmentation in which organizations focus
precise marketing efforts on very small geographic markets
benefit segmentation - ANS✅✅the division of a market according to benefits that consumers want
from the product
market potential - ANS✅✅The total amount of a product that customers will purchase within a
specified period at a specific level of industry-wide marketing activity
company sales potential - ANS✅✅The maximum percentage of a market that an individual firm
within an industry can expect to obtain for a specific product
breakdown approach - ANS✅✅measuring company sales potential based on a general economic
forecast for a specific period and the market potential derived from it
buildup approach - ANS✅✅measuring company sales potential by estimating how much of a
product a potential buyer in a specific geographic area will purchase in a given period, multiplying
the estimate by the number of potential buyers, and adding the totals of all the geographic areas
considered
sales forecast - ANS✅✅Measuring company sales potential by estimating how much of a product a
potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate
by the number of potential buyers, and adding the totals of all the geographic areas considered
executive judgement - ANS✅✅A sales forecasting method based on the intuition of one or more
executives
customer forecasting survey - ANS✅✅a survey of customers regarding the types and quantities of
products they intend to buy during a specific period
, sales force forecasting survey - ANS✅✅a survey of a firm's sales force regarding anticipated sales
in their territories for a specified period
expert forecasting survey - ANS✅✅sales forecasts prepared by experts outside the firm, such as
economists, management consultants, advertising executives, or college professors
Delphi Technique - ANS✅✅A procedure in which experts create initial forecasts, submit them to
the company for averaging, and then refine the forecasts
time series analysis - ANS✅✅A forecasting method that uses historical sales data to discover
patterns in the firm's sales over time and generally involves trend, cycle, seasonal, and random
factor analyses
trend analysis - ANS✅✅A forecasting method that uses historical sales data to discover patterns in
the firm's sales over time and generally involves trend, cycle, seasonal, and random factor analyses
cycle analysis - ANS✅✅An analysis of sales figures for a three- to five-year period to ascertain
whether sales fluctuate in a consistent, periodic manner
seasonal analysis - ANS✅✅an analysis of daily, weekly, or monthly sales figures to evaluate the
degree to which seasonal factors influence sales
random factor analysis - ANS✅✅An analysis attempting to attribute erratic sales variations to
random, nonrecurrent events
regression analysis - ANS✅✅A method of predicting sales based on finding a relationship between
past sales and one or more independent variables, such as population or income
market test - ANS✅✅making a product available to buyers in one or more test areas and
measuring purchases and consumer responses to marketing efforts
buying behavior - ANS✅✅The decision processes and actions of people involved in buying and
using products
consumer buying behavior - ANS✅✅The decision processes and purchasing activities of people
who purchase products for personal or household use and not for business purposes
answers well graded A+
Consumer market - ANS✅✅Purchasers and household members who intend to consume or
benefit from the purchased products and do not buy products to make profits or serve an
organizational need
Business market - ANS✅✅individuals or groups that purchase a specific kind of product for resale,
direct use in producing other products, or use in general daily operations
Undifferentiated targeting strategy - ANS✅✅A strategy in which an organization designs a single
marketing mix and directs it at the entire market for a particular product
Homogeneous market - ANS✅✅a market in which a large proportion of customers have similar
needs for a product
Heterogeneous market - ANS✅✅A market made up of individuals or organizations with diverse
needs for products in a specific product class
Market segmentation - ANS✅✅The process of dividing a total market into groups with relatively
similar product needs to design a marketing mix that matches those needs
Market segment - ANS✅✅Individuals, groups, or organizations sharing one or more similar
characteristics that cause them to have similar product needs
Concentrated targeting strategy - ANS✅✅A market segmentation strategy in which an
organization targets a single market segment using one marketing mix
Differentiated targeting strategy - ANS✅✅A strategy in which an organization targets two or more
segments by developing a marketing mix for each segment
Segmentation Variables - ANS✅✅Characteristics of individuals, groups, or organizations used to
divide a market into segments
,market density - ANS✅✅The number of potential customers within a unit of land area
geodemographic segmentation - ANS✅✅a method of market segmentation that clusters people
into zip code areas and smaller neighborhood units based on lifestyle and demographic information
micromarketing - ANS✅✅An approach to market segmentation in which organizations focus
precise marketing efforts on very small geographic markets
benefit segmentation - ANS✅✅the division of a market according to benefits that consumers want
from the product
market potential - ANS✅✅The total amount of a product that customers will purchase within a
specified period at a specific level of industry-wide marketing activity
company sales potential - ANS✅✅The maximum percentage of a market that an individual firm
within an industry can expect to obtain for a specific product
breakdown approach - ANS✅✅measuring company sales potential based on a general economic
forecast for a specific period and the market potential derived from it
buildup approach - ANS✅✅measuring company sales potential by estimating how much of a
product a potential buyer in a specific geographic area will purchase in a given period, multiplying
the estimate by the number of potential buyers, and adding the totals of all the geographic areas
considered
sales forecast - ANS✅✅Measuring company sales potential by estimating how much of a product a
potential buyer in a specific geographic area will purchase in a given period, multiplying the estimate
by the number of potential buyers, and adding the totals of all the geographic areas considered
executive judgement - ANS✅✅A sales forecasting method based on the intuition of one or more
executives
customer forecasting survey - ANS✅✅a survey of customers regarding the types and quantities of
products they intend to buy during a specific period
, sales force forecasting survey - ANS✅✅a survey of a firm's sales force regarding anticipated sales
in their territories for a specified period
expert forecasting survey - ANS✅✅sales forecasts prepared by experts outside the firm, such as
economists, management consultants, advertising executives, or college professors
Delphi Technique - ANS✅✅A procedure in which experts create initial forecasts, submit them to
the company for averaging, and then refine the forecasts
time series analysis - ANS✅✅A forecasting method that uses historical sales data to discover
patterns in the firm's sales over time and generally involves trend, cycle, seasonal, and random
factor analyses
trend analysis - ANS✅✅A forecasting method that uses historical sales data to discover patterns in
the firm's sales over time and generally involves trend, cycle, seasonal, and random factor analyses
cycle analysis - ANS✅✅An analysis of sales figures for a three- to five-year period to ascertain
whether sales fluctuate in a consistent, periodic manner
seasonal analysis - ANS✅✅an analysis of daily, weekly, or monthly sales figures to evaluate the
degree to which seasonal factors influence sales
random factor analysis - ANS✅✅An analysis attempting to attribute erratic sales variations to
random, nonrecurrent events
regression analysis - ANS✅✅A method of predicting sales based on finding a relationship between
past sales and one or more independent variables, such as population or income
market test - ANS✅✅making a product available to buyers in one or more test areas and
measuring purchases and consumer responses to marketing efforts
buying behavior - ANS✅✅The decision processes and actions of people involved in buying and
using products
consumer buying behavior - ANS✅✅The decision processes and purchasing activities of people
who purchase products for personal or household use and not for business purposes
