Q&A Hero

Q: Miguel is deciding how to get his product to his customers. His options include a fixed location, a mobile location, working out of his home, and the Internet. Miguel is making the ___________ decision. a. product b. place c. price d. promotion

Q: When Abigail buys salt, the core product and the actual product are: a. seasoning for her food and the salt itself. b. the salt itself and seasoning for her food. c. not related. d. the same.

Q: Which of the following is not present in a time series? A) seasonality B) operational variations C) trend D) cycles E) random variations

Q: Gradual upward or downward movement of data over time is called: A) seasonality. B) a cycle. C) a trend. D) exponential variation. E) random variation.

Q: Nardella has completed her market research but now feels overwhelmed by the large amount of data. It might be helpful to her to: a. use a program like Excel to help her interpret the data. b. use a program like PowerPoint to create a slide show for her investors. c. hire a consultant to summarize the data. d. work with college students to sort the data.

Q: Time-series data may exhibit which of the following behaviors? A) trend B) random variations C) seasonality D) cycles E) They may exhibit all of the above.

Q: Sales forecasts are typically expressed in dollars or units. a. True b. False Indicate the answer choice that best completes the statement or answers the question.

Q: A detailed analysis of competitors is an important part of a firm's formal marketing plan. a. True b. False

Q: Which of the following statements about time-series forecasting is true? A) It is always based on the assumption that future demand will be the same as past demand. B) It makes extensive use of the data collected in the qualitative approach. C) It is based on the assumption that the analysis of past demand helps predict future demand. D) Because it accounts for trends, cycles, and seasonal patterns, it is always more powerful than associative forecasting. E) All of the above are true.

Q: Demand for individual products can be driven by product life cycles.

Q: The most difficult forecasting situation is when an entrepreneur is inexperienced and has a new idea.​ a. True b. False

Q: If an entrepreneur anticipates several target markets, each individual segment must have its own corresponding customer profile. a. True b. False

Q: A trend projection equation with a slope of 0.78 means that there is a 0.78 unit rise in Y per period.

Q: Because of the considerable cost, time, and effort, pretesting is generally considered necessary only in the case of extensive, complex questionnaires. a. True b. False

Q: Seasonal indices adjust raw data for patterns that repeat at regular time intervals.

Q: Small business marketing is best defined as the performance of distribution activities that affect the flow of goods and services from producer to consumer or user. a. True b. False

Q: In trend projection, a negative regression slope is mathematically impossible.

Q: In trend projection, the trend component is the slope of the regression equation.

Q: The forecasting process can be characterized by the point at which the process is started and the nature of the predicting variable. a. True b. False

Q: Mean squared error and exponential smoothing are two measures of the overall error of a forecasting model.

Q: Small businesses typically conduct less marketing research than big businesses, partly because they lack an understanding of the basic marketing research process. a. True b. False

Q: The larger the number of periods in the simple moving average forecasting method, the greater the method's responsiveness to changes in demand.

Q: Because many small business owners have strong production skills, they often attend mostly to the marketing side of the business to compensate. a. True b. False

Q: A buildup process requires a small business to identify all potential buyers in a target market's submarkets and then combine these estimates to determine the calculated demand. a. True b. False

Q: One advantage of exponential smoothing is the limited amount of record keeping involved.

Q: A nave forecast for September sales of a product would be equal to the sales in August.

Q: Small business owners can now buy inexpensive personal computer software that can perform statistical calculations and generate report-quality graphics. a. True b. False

Q: A market is best defined as a geographical area that is of commercial interest to the entrepreneur. a. True b. False

Q: Cycles and random variations are both components of time series.

Q: Marketing research is defined as the gathering, processing, reporting, and interpreting of marketing information. a. True b. False

Q: A nave forecast for September sales of a product would be equal to the forecast for August.

Q: Personal interview surveys are attractive as a marketing research method because these are inexpensive to conduct. a. True b. False

Q: Name and discuss three qualitative forecasting methods.

Q: In order to achieve market success, a firm should concentrate on either providing an excellent product and/or service or devising an insightful marketing strategy. a. True b. False

Q: What is the difference between an associative model and a time-series model?

Q: When a strategist divides the total market for a product and/or service into groups with similar needs, so that each group is likely to respond to the same marketing strategy, he or she is engaging in a practice called market segmentation. a. True b. False

Q: What is a time-series forecasting model?

Q: It is best to write a marketing plan before collecting marketing research data. a. True b. False

Q: Identify four quantitative forecasting methods.

Q: Researchers typically achieve higher response rates from mail and telephone surveys than from personal interviews. a. True b. False

Q: What are the differences between quantitative and qualitative forecasting methods?

Q: ________ forecasts use a series of past data points to make a forecast.

Q: A chain-ratio method of sales forecasting, or a buildup process, is frequently used for consumer products forecasting. a. True b. False

Q: When prior sales information is available, indirect forecasting is the best method to predict future sales. a. True b. False

Q: ________ is a forecasting technique based upon salespersons' estimates of expected sales.

Q: ________ forecasts employ one or more mathematical models that rely on historical data and/or associative variables to forecast demand.

Q: Marketing research is an effective supplement, but not a replacement, for the intuitive judgment of entrepreneurs. a. True b. False

Q: Regardless of the type of business, the consumer-oriented marketing philosophy is the best choice among the competing alternatives. a. True b. False

Q: Which of the following techniques uses variables such as price and promotional expenditures, which are related to product demand, to predict demand? A) associative models B) exponential smoothing C) weighted moving average D) moving average E) trend projection

Q: Determining market potential is the process of locating and investigating buying units that have purchasing power and needs that can be satisfied with the product and/or service being offered. a. True b. False

Q: Which of the following is not a type of qualitative forecasting? A) jury of executive opinion B) sales force composite C) market survey D) Delphi method E) moving average

Q: Because of the relatively inconsequential amount of sales conducted by a typical small business, the majority of entrepreneurs need not be concerned with formulating accurate sales forecasts. a. True b. False

Q: The forecasting technique that pools the opinions of a group of experts or managers is known as: A) the expert judgment model. B) multiple regression. C) jury of executive opinion. D) market survey. E) management coefficients.

Q: The marketing strategy section provides the most detailed information in a formal marketing plan. a. True b. False

Q: Which of the following uses three types of participants: decision makers, staff personnel, and respondents? A) jury of executive opinion B) sales force composite C) Delphi method D) associative models E) time series

Q: The two general approaches to forecasting are: A) qualitative and quantitative. B) mathematical and statistical. C) judgmental and qualitative. D) historical and associative. E) judgmental and associative.

Q: Because sales forecasts revolve around specific target markets, the market should be defined as precisely as possible. a. True b. False

Q: The quarterly "make meeting" of Lexus dealers is an example of a sales force composite forecast.

Q: Define the term market and explain the key ingredients of that definition.

Q: A time-series model uses a series of past data points to make the forecast.

Q: What techniques are used in collecting primary data? Give examples to support the answer.

Q: The sales force composite forecasting method relies on salespersons' estimates of expected sales.

Q: What are some of the guidelines that should be followed in developing a questionnaire?

Q: What are the three realities of forecasting that companies face?

Q: Melinda, an auto insurance agent, would like to forecast the number of 16-year-olds in her county who will be eligible to apply for drivers licenses next year. Identify three potential sources of information and discuss the advantages and disadvantages of each.

Q: Identify the seven steps involved in forecasting.

Q: What are the problems with secondary data use? How can a new entrepreneur neutralize these problems?

Q: Which of the following is NOT a step in the forecasting process? A) Determine the use of the forecast. B) Eliminate any assumptions. C) Determine the time horizon of the forecast. D) Select the forecasting model. E) Validate and implement the results.

Q: Holley is starting a new business and is trying to forecast sales. She has owned two other businesses, one of which was in the same industry as this new venture. Discuss the implications for forecasting for the new business. What could she do to increase her forecasting success?

Q: What kind of marketing philosophy does Checkerboard employ? Give supporting examples.​

Q: Most forecasting techniques assume that there is some underlying stability in the system.

Q: After identifying the three levels of a product and/or services benefit, provide an example for the US Postal Service.

Q: Forecasts of individual products tend to be more accurate than forecasts of product families.

Q: What forecasting systems combine the intelligence of multiple supply chain partners? A) FORE B) MULTISUP C) CPFR D) SUPPLY E) MSCP

Q: Compare and contrast the three marketing philosophies discussed in the text. Give supporting evidence on why one method is stronger than the others.

Q: A forecasting method in which sales is the estimated variable

Q: List and briefly describe the three major types of forecasts that organizations use in planning future operations.

Q: The combination of product/service, pricing, promotion, and distribution activities

Q: Describe the three forecasting time horizons and their use.

Q: A group of customers or potential customers who have purchasing power and unsatisfied needs