ch 7 pt 3 – Flashcard
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Oliver figured if people were willing to pay for bottled water, they would also be willing to pay for bottled air. Oliver has forgotten that customers will buy only if they have:
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unsatisfied needs.
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Paul is a CPA (certified public accountant). He offers a variety of services depending on the needs of his customers. Some hire him to perform bookkeeping activities; others have him prepare their tax return. Pau's market is segmented based on:
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benefit variables.
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Rhoda describes her typical customer as female between the ages of 22 and 35 with at least two years of college and a household income above $50,000 annually. Rhoda is using _________ to describe her customers.
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demographic variables
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Morton sells salt; Domino sells sugar. The best strategy for either of these products would be:
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the unsegmented strategy.
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Meredith is opening a high end shoe store specializing in designer shoes. Which approach is probably the wisest strategy for the marketing efforts of this company?
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Multi-segment strategy since she could concentrate on persons wanting shoes for different reasons.
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In considering its marketing strategy a new venture will typically concentrate on
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a single-segment approach.
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People of all backgrounds, occupations, and income levels wear watches but Rolex focuses only on the high-income portion of the market. Rolex uses a(n) ____________ strategy.
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single-segment
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A ____ estimates how much of a product and/or service will be purchased within a market over a defined period of time.
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sales forecast
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Richard is trying to figure out how many of his product his new business could reasonably expect to sell in its first year. Richard is working on the:
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sales forecast.
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Entrepreneurs should base their market assessments, production schedules, inventory policies, and personnel decisions on
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the sales forecast.
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Forecasting sales for a new venture will be the most difficult when
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the owner is unfamiliar with quantitative analysis.
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Because he lacks strong forecasting skills, Stan should:
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all of the above.
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Shiloh has begun the sales forecasting procedure with a variable that has a very large scope and then systematically is working down to the sales forecast. Shiloh is using the:
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breakdown process.
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Theodore has identified all the buyers in a market's submarkets and then totaled the estimated demand for all the submarkets. Theodore used the:
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buildup process
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Ideas Unlimited is a consulting firm that provided retailers with information about regional sales trends. To estimate demand in the market for its services, the firm's marketing department identifies all buyers in each category of retailers and determines how much business is possible. The market demand estimate is based on the
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buildup forecasting process.
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What determines whether the sales forecasting process is direct or indirect?
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the nature of the predicting variable
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Using the number of births in a historical record to predict the number of driver licenses issued in subsequent years is an example of the use of a(n) ____ variable in forecasting.
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surrogate
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Sheena is using her last three years' sales to forecast next year's sales. Sheena is using the _________ method.
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direct
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Sullivan just bought a new pickup truck with a snow plow. He contacted the National Weather Service to get information about snowfalls to help prepare his sales forecast. Sullivan is using:
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a surrogate variable.
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In preparing a sales forecast, it is desirable to have forecasts covering the "most likely", "best case" and "_____ case" scenarios
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worst
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Allison is gathering information about other producers in her industry for inclusion in the ______________ section of her marketing plan.
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Competition
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Brenda is creating the marketing plan for her bakery. Many of the recipes she will use were handed down through her family and she would like to keep them secret. These recipes will be considered:
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intellectual property.
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Special consideration should be given to the selection of the ____________ and the logic of this selection should be explained in the marketing plan.
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Company name
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The risk of being the lower-cost producer of a good or
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customers will abandon your business when someone else offers a lower price.
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why would a small business conduct less marketing research than a larger, established firm
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Marketing research is expensive.
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A ____ is defined as a group of customers or potential customers who have purchasing power and unsatisfied needs.
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Market
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Odessa is writing the marketing plan for her bed and breakfast. She has written that her market inlcudes everyone from infants to the elderly. This is incorrect because
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customers must have purchasing power.
