MKT 300 Moman Exam 2 Questions and Answers
consumer market - -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 - -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 - -A strategy in which an organization designs a single
marketing mix and directs it at the entire market for a particular product
-homogeneous market - -a market in which a large proportion of customers have similar
needs for a product
-heterogeneous market - -A market made up of individuals or organizations with diverse
needs for products in a specific product class
-market segmentation - -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 - -Individuals, groups, or organizations sharing one or more similar
characteristics that cause them to have similar product needs
-concentrated targeting strategy - -A market segmentation strategy in which an
organization targets a single market segment using one marketing mix
-differentiated targeting strategy - -A strategy in which an organization targets two or
more segments by developing a marketing mix for each segment
-Segmentation Variables - -Characteristics of individuals, groups, or organizations used to
divide a market into segments
-market density - -The number of potential customers within a unit of land area
-geodemographic segmentation - -a method of market segmentation that clusters people
into zip code areas and smaller neighborhood units based on lifestyle and demographic
information
-micromarketing - -An approach to market segmentation in which organizations focus
precise marketing efforts on very small geographic markets
-benefit segmentation - -the division of a market according to benefits that consumers
want from the product
, -market potential - -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 - -The maximum percentage of a market that an individual firm
within an industry can expect to obtain for a specific product
-breakdown approach - -measuring company sales potential based on a general economic
forecast for a specific period and the market potential derived from it
-buildup approach - -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 - -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 - -A sales forecasting method based on the intuition of one or more
executives
-customer forecasting survey - -a survey of customers regarding the types and quantities
of products they intend to buy during a specific period
-sales force forecasting survey - -a survey of a firm's sales force regarding anticipated
sales in their territories for a specified period
-expert forecasting survey - -sales forecasts prepared by experts outside the firm, such as
economists, management consultants, advertising executives, or college professors
-Delphi Technique - -A procedure in which experts create initial forecasts, submit them to
the company for averaging, and then refine the forecasts
-time series analysis - -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 - -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 - -An analysis of sales figures for a three- to five-year period to ascertain
whether sales fluctuate in a consistent, periodic manner
consumer market - -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 - -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 - -A strategy in which an organization designs a single
marketing mix and directs it at the entire market for a particular product
-homogeneous market - -a market in which a large proportion of customers have similar
needs for a product
-heterogeneous market - -A market made up of individuals or organizations with diverse
needs for products in a specific product class
-market segmentation - -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 - -Individuals, groups, or organizations sharing one or more similar
characteristics that cause them to have similar product needs
-concentrated targeting strategy - -A market segmentation strategy in which an
organization targets a single market segment using one marketing mix
-differentiated targeting strategy - -A strategy in which an organization targets two or
more segments by developing a marketing mix for each segment
-Segmentation Variables - -Characteristics of individuals, groups, or organizations used to
divide a market into segments
-market density - -The number of potential customers within a unit of land area
-geodemographic segmentation - -a method of market segmentation that clusters people
into zip code areas and smaller neighborhood units based on lifestyle and demographic
information
-micromarketing - -An approach to market segmentation in which organizations focus
precise marketing efforts on very small geographic markets
-benefit segmentation - -the division of a market according to benefits that consumers
want from the product
, -market potential - -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 - -The maximum percentage of a market that an individual firm
within an industry can expect to obtain for a specific product
-breakdown approach - -measuring company sales potential based on a general economic
forecast for a specific period and the market potential derived from it
-buildup approach - -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 - -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 - -A sales forecasting method based on the intuition of one or more
executives
-customer forecasting survey - -a survey of customers regarding the types and quantities
of products they intend to buy during a specific period
-sales force forecasting survey - -a survey of a firm's sales force regarding anticipated
sales in their territories for a specified period
-expert forecasting survey - -sales forecasts prepared by experts outside the firm, such as
economists, management consultants, advertising executives, or college professors
-Delphi Technique - -A procedure in which experts create initial forecasts, submit them to
the company for averaging, and then refine the forecasts
-time series analysis - -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 - -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 - -An analysis of sales figures for a three- to five-year period to ascertain
whether sales fluctuate in a consistent, periodic manner
