(answered) – 1) Customer knowledge competence is important for companiesDescriptionSolution downloadThe Question1) Customer knowledge competence is important for companies because inadequate knowledge of customers and what they want can result in: a. greater sales of products b. overestimates or underestimates of sales, which can cost the company money and opportu- nity c. inaccurate market research for the industry d. competitive advantage in certain product categories e. poor analysis of past sales trends 2) ?Chinese Marketing? refers to the practice of: a. calculating international sales in the currency of the local region instead of in the currency of the company that is making the sales b. selling products to a consumer base that is uninterested in the products c. international marketing efforts that show insensitivity to the people and culture of the country d. manipulating sales figures to reflect the potential sales in a region or territory instead of the actual sales in a region or territory e. thinking mistakenly that the number of individuals in a market is the same as the number of possible total sales in a market 3) Sales potential refers to the portion of: a. the sales forecast dealing with a particular product category b. the total market potential dealing with one industry c. the total market potential that an individual company can achieve d. a company?s customer base that will buy a new product e. the sales forecast that can be determined from external data 4) All of the following factors can affect demand EXCEPT: a. social factors b. demographic trends c. laws and regulations d. inelastic demand e. economic factors 5) Trend analysis looks at the way a company?s products have sold, while correlational analysis looks at: a. the way a company?s products will sell in the future b. the trends of variables that are related to the product c. sales forecasts for competing products d. the effects of exponential smoothing e. the average of the sales trends over the previous few sales periodsUnit 4 Examination 212 MKT512 – Sales Management 6) While market tests can give companies valuable information about the way the market will react to a product, a huge downside of market testing is that: a. it must be performed before a product is officially released to the public b. competitors will see the product before it is officially released and can take action to com- pete with it c. it gives developers a chance to correct problems with the product before it is released of- ficially d. there are outside firms that can help companies run their market testing programs e. it shows how real people will react to your product 7) What are the characteristics of the cities that are the best sites for market tests? a. They are near a source of water, such as a lake, river, or ocean. b. They have a population of between 100,000 and 500,000 residents. c. They have centers set up in which residents can test new products and services. d. They have taken a census within the previous decade. e. They have demographics very similar to the demographics of the entire United States. 8) Despite the fact that customer surveys are done on a company?s own customers, they are still better at forecasting: a. sales from new customers b. returns, not sales c. market potential than sales potential d. sales for the company?s competitors e. revenues, not sales 9) Forecasting sales in some foreign countries is often difficult because of: a. cultural bias b. language barriers c. short supply chains d. trade barriers such as tariffs and customs duties e. instability of markets, systems, and governments 10) Companies that understand the process of sales forecasting use the figures they calculate with the understanding that these figures are more accurate: a. when combined with other figures, like the consumer price index and measures specific to the company?s industry b. as internal information than as public information c. over the short
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