When forecasting company sales, she finds a direct association between past sales and per capita income. Customers have different needs for the steel and thus Bethlehem has to prepare the raw steel differently depending on how customers will use it in their production processes. Katy Ramirez is a marketer for a golf equipment manufacturer. d) the decisions and activities intended to create and maintain a certain concept of the firm's product in customers' minds. Which of the following products is least likely to be segmented according to stages in the family life cycle? Guess? Marketers question a sample of consumers about Sierra Mist and other drinks on two different dimensions. b) it allows a firm to specialize to meet specific customer needs. Many marketers are concerned about the number of potential customers within a certain area of land because of the different requirements to serve dissimilar areas. Which of the following forecasting methods is least dependent on historical sales data? The psychographic variable that includes numerous characteristics related to people's activities, interests, and opinion is, If a company segments its market on the basis of their reasons for purchasing a particular product, the primary segmentation variable in use is. When selecting specific target markets, a firm should Correct Answer: choose the segments most in line with the firm's objectives and long-term growth. Pepsi wants to know where its Sierra Mist soft drink fits in with other drinks in the mind of the consumer. Which sales forecasting technique is Katy using? They will most likely put this information into a _____ to show Sierra Mist's position. McDonald's uses a segmentation strategy for its sandwiches based on market characteristics such as age, gender, or income. When selecting specific target markets, a firm should a) revert to an undifferentiated approach if the market is deemed heterogeneous. The marketing control process consists of a) establishing goals, market scanning, and market share analysis. e) the executive has considerable experience and product demand is relatively stable. Dell segments its business markets into small business, corporate, government agencies, K-12 schools, and higher education institutions. c) determining which segmentation variables to use. The choice that companies make at this stage will determine their marketing mix and positioning plank. They are most likely looking at, The total volume of a product, for all firms in an industry, that would be purchased by specific customer groups within a specified time period at a given level of industry-wide marketing activity, is the, The maximum percentage of market potential that an individual firm can expect to obtain for a specific product is the, General Electric calculates that the total number of light bulbs sold to consumers in the next year by all light bulb producers is 1 billion, given anticipated marketing efforts by the firms involved. Intermediaries play an important role in matching ________. What is the main problem with using a market test as a forecasting tool? A) reseller B) supplier C) wholesaler D) retailer's creditor E) go... An attractive idea must be developed into a ________. Most markets for products are made up of individuals or groups with diverse needs for products and are called ________ markets. It usually makes the most sense for the company to focus its marketing efforts on reaching a target market. Yvonne and Garret are looking at information about how their organization's products could fit potential customers' needs.