2 out of 2 points
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| To be effective, market segmentation must meet which of the following basic requirements?
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Selected Answer:
| 3. The market segment must have measurable purchasing power and size.
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2 out of 2 points
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| Sales forecasts play a major role in:
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Selected Answer:
| 3. new product decisions.
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2 out of 2 points
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| Competitive intelligence is essentially the same thing as business intelligence.
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Selected Answer:
| 2. False
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2 out of 2 points
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| Marketers applying a positioning strategy want to:
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Selected Answer:
| 1. emphasize a product’s unique advantages and differentiate it from competitors’ options.
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2 out of 2 points
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| “On the street” interviews conducted by a broadcaster with anyone who passes by are examples of _____ sampling.
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Selected Answer:
| 1. convenience
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2 out of 2 points
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| Marketing research is most likely to be contracted to an outside firm when the:
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Selected Answer:
| 4. outside provider can do the work at a lower cost than the firm.
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2 out of 2 points
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| Observational research has no real benefits in the use of technology to monitor consumers because the consumer cannot be relied on to use the technology correctly.
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Selected Answer:
| 1. False
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2 out of 2 points
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| Data means nothing unless it can be read somehow. The job of application service providers is to assist marketers in turning the data into meaningful information.
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2 out of 2 points
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| In the Roper Starch Worldwide study, the largest segment that values professional and material goals more than other groups is the:
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Selected Answer:
| 3. strivers.
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2 out of 2 points
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| All of the following are best utilized as short-run sales forecasting techniques except:
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Selected Answer:
| 2. the Delphi technique.
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2 out of 2 points
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| The average lifetime of a customer relationship ultimately depends on the sales representative assigned to handle the account or customer.
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Selected Answer:
| 1. False
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2 out of 2 points
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| Megan believes the reason the sales of one of her company’s products has fallen is due to a price increase. She cites sales from the previous year to the same customers as evidence of declining sales. Megan is:
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Selected Answer:
| 1. developing a hypothesis.
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0 out of 2 points
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| An added bonus of electronic data interchange (EDI) is that, in addition to automating the buying process, it has also opened new channels for gathering marketing information.
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Selected Answer:
| 1. False
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2 out of 2 points
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| A marketing effort sponsored by an organization that solicits responses from individuals who share common interests and activities is called _____ marketing.
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Selected Answer:
| 4. affinity
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2 out of 2 points
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| The purpose of conducting market segmentation and market opportunity analysis in the second stage of the market segmentation process is to:
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Selected Answer:
| 4. produce a forecast of market potential within each segment.
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2 out of 2 points
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| A population, used for market research purposes, is a subgroup of the total sample selected for analysis.
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Selected Answer:
| 2. False
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2 out of 2 points
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| Internal data collection by marketing researchers is often referred to as situation analysis, while exploratory interviews conducted by informed persons outside the firm are considered informal investigation.
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0 out of 2 points
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| Due to its low cost, the controlled experiment is the most commonly used method of collecting data for marketing research.
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2 out of 2 points
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| Douglas Knowles & Howe, a marketing research firm, contracts with clients to conduct complete marketing research projects, including telephone and online interviews. DK&H is a _____ firm.
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Selected Answer:
| 1. full-service
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2 out of 2 points
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| Landsdown Dairy is planning to introduce a new flavored milk drink. As the marketing manager, you want to appraise the consumer response to this new product. The procedure typically used would be:
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Selected Answer:
| 2. test markets.
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2 out of 2 points
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| The information, analysis, and forecasts accumulated through the entire market segmentation decision process allows management to assess the potential for achieving company goals and to justify committing resources to develop one or more segments.
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2 out of 2 points
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| Which of the following federal agencies is the most important source of secondary data for marketing research studies?
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Selected Answer:
| 3. Census Bureau
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2 out of 2 points
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| Companies should not avoid complaining customers because:
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Selected Answer:
| 2. complaints handled promptly and effectively could lead to greater customer loyalty.
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0 out of 2 points
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| The nature of a firm’s organization structure typically has little or no effect on the provision of quality offerings to its customers.
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2 out of 2 points
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| _____ marketing is an information-based approach that collects infinite amounts of data that must be mined for specific information about markets and consumers.
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Selected Answer:
| 1. Database
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Which of the following is a requirement for effective market segmentation?
So what are the requirements for effective market segmentation? Effective segmentation should be measurable, accessible, substantial, differentiable, and actionable. When a company has segmented their market accordingly, there is a higher chance that it will become more profitable and successful in the long run.
Which of the following basic requirements in the process of market segmentation?
To be effective, the process of market segmentation must meet which of the following basic requirements? The market segment must have measurable purchasing power and size. The market segment must reflect the population's changing attitudes and lifestyles.
What is the basis of effective segmentation?
There are three main types of segmentation bases. Each works well with different businesses and industries, so it's essential to consider your options before deciding on the best for your needs. The three main types of market segmentation are demographic, psychographic, and behavioral.
What are the 4 basic criteria for segmenting a market?
There are four key types of market segmentation that you should be aware of, which include demographic, geographic, psychographic, and behavioral segmentations. It's important to understand what these four segmentations are if you want your company to garner lasting success.