1
MKT 3401 Final Exam Ledet Question Bank
with Verified Correct Answers | 2026
1. What is relationship selling (consultative selling)? - ANSWER a sales
practice that involves building, maintaining, and enhancing interactions with
customers in order to develop long-term satisfaction through mutually
beneficial partnerships
2. What are the steps in the selling process? - ANSWER 1. generate leads
qualify leads
approaching the customer
proposing solution to the problem
handle objections
close the sale
follow up
3. What is lead qualification? - ANSWER determination of a sales prospect's
(1) recognized need, (2) buying power, and (3) receptivity and accessibility
4. What are social media implications for marketers? - ANSWER 1. marketers
don't always control the content on social media sites
2. by sharing experiences online, word-of-mouth amplifies and affects the
company bottom line
3. social media allows marketers to listen
4. social media provides more sophisticated methods of measuring how
marketers meet and interact with consumers than traditional advertising
5. social media allows marketers to have much more direct and meaningful
conversations with customers
5. What is crowdsourcing? - ANSWER crowdsourcing using consumers to
develop and market products
6. What is social media monitoring? - ANSWER the process of identifying and
assessing what is being said about a company, individual, product, or brand
7. What is text mining? - ANSWER Extracting key elements from large
unstructured data sets (sentiment analysis software - able to mine text
comments in an e-mail message, blog, etc.)
, 2
8. What are the social media metrics? - ANSWER buzz, interest, participation,
search engine ranks and results, influence, sentiment analysis, website
metrics
9. What are the 6 categories of social media users? - ANSWER 1. Creators
2. Critics
3. Collectors
4. Joiners
5. Spectators
6. Inactives
10.What are the 6 components of a social media plan? - ANSWER 1. Listen to
customers
2. set social media objectives
3. define strategies
4. identify the target audience
5. select the tools and platforms
6. implement and monitor the strategy
11.market - ANSWER a group of buyers and sellers of a particular good or
service
12.market segment - ANSWER people or organizations with needs or wants
and the ability and willingness to buy
13.Market Segmentation - ANSWER a subgroup of people or organizations
sharing one or more characteristics that cause them to have similar product
needs
14.What are the 4 basic criteria for a segmentation scheme to be successful? -
ANSWER 1. Identifiable, 2. Accessibility, 3. Responsiveness, 4.
Substantiality
15.What is identifiable? - ANSWER Companies need to gather the proper data
in order to help identify their possible markets. This will give them info on
the populations demographic, psychographic, geographic, and age of family
members, marital status, and whether or not there are children
16.What is accessibility? - ANSWER members of targeted segments must be
reachable with marketing mix
, 3
17.What is responsiveness? - ANSWER when the message being
communicated to them is done in a way that hits a responsive chord with the
customer
18.What is sustainability? - ANSWER customers make a financial difference
on the company and justifies the company's financial resources and
commitment
19.What are the 5 basis for segmenting consumer markets? - ANSWER
Demographic, psychographic, geographic, benefit, and usage-rate
20.What is the 80/20 principle? - ANSWER a principle holding that 20 percent
of all customers generate 80 percent of the demand
21.What are the 3 general strategies for selecting target markets? - ANSWER
Undifferentiated, multi-segmented, and niche
22.undifferentiated targeting strategy - ANSWER a marketing approach that
views the market as one big market with no individual segments and thus
uses a single marketing mix
23.multi-segment targeting strategy - ANSWER a strategy that chooses two or
more well-defined market segments and develops a distinct marketing mix
for each
24.niche target market strategy - ANSWER concentrate on one marketing
segment
25.What are the different positioning bases? - ANSWER attributes, price, and
communication of value
26.attributes - ANSWER how a product or brand will be viewed or perceived
by the customer
27.price - ANSWER decision regarding how to price a product is important to
the overall brand and perception of the product
MKT 3401 Final Exam Ledet Question Bank
with Verified Correct Answers | 2026
1. What is relationship selling (consultative selling)? - ANSWER a sales
practice that involves building, maintaining, and enhancing interactions with
customers in order to develop long-term satisfaction through mutually
beneficial partnerships
2. What are the steps in the selling process? - ANSWER 1. generate leads
qualify leads
approaching the customer
proposing solution to the problem
handle objections
close the sale
follow up
3. What is lead qualification? - ANSWER determination of a sales prospect's
(1) recognized need, (2) buying power, and (3) receptivity and accessibility
4. What are social media implications for marketers? - ANSWER 1. marketers
don't always control the content on social media sites
2. by sharing experiences online, word-of-mouth amplifies and affects the
company bottom line
3. social media allows marketers to listen
4. social media provides more sophisticated methods of measuring how
marketers meet and interact with consumers than traditional advertising
5. social media allows marketers to have much more direct and meaningful
conversations with customers
5. What is crowdsourcing? - ANSWER crowdsourcing using consumers to
develop and market products
6. What is social media monitoring? - ANSWER the process of identifying and
assessing what is being said about a company, individual, product, or brand
7. What is text mining? - ANSWER Extracting key elements from large
unstructured data sets (sentiment analysis software - able to mine text
comments in an e-mail message, blog, etc.)
, 2
8. What are the social media metrics? - ANSWER buzz, interest, participation,
search engine ranks and results, influence, sentiment analysis, website
metrics
9. What are the 6 categories of social media users? - ANSWER 1. Creators
2. Critics
3. Collectors
4. Joiners
5. Spectators
6. Inactives
10.What are the 6 components of a social media plan? - ANSWER 1. Listen to
customers
2. set social media objectives
3. define strategies
4. identify the target audience
5. select the tools and platforms
6. implement and monitor the strategy
11.market - ANSWER a group of buyers and sellers of a particular good or
service
12.market segment - ANSWER people or organizations with needs or wants
and the ability and willingness to buy
13.Market Segmentation - ANSWER a subgroup of people or organizations
sharing one or more characteristics that cause them to have similar product
needs
14.What are the 4 basic criteria for a segmentation scheme to be successful? -
ANSWER 1. Identifiable, 2. Accessibility, 3. Responsiveness, 4.
Substantiality
15.What is identifiable? - ANSWER Companies need to gather the proper data
in order to help identify their possible markets. This will give them info on
the populations demographic, psychographic, geographic, and age of family
members, marital status, and whether or not there are children
16.What is accessibility? - ANSWER members of targeted segments must be
reachable with marketing mix
, 3
17.What is responsiveness? - ANSWER when the message being
communicated to them is done in a way that hits a responsive chord with the
customer
18.What is sustainability? - ANSWER customers make a financial difference
on the company and justifies the company's financial resources and
commitment
19.What are the 5 basis for segmenting consumer markets? - ANSWER
Demographic, psychographic, geographic, benefit, and usage-rate
20.What is the 80/20 principle? - ANSWER a principle holding that 20 percent
of all customers generate 80 percent of the demand
21.What are the 3 general strategies for selecting target markets? - ANSWER
Undifferentiated, multi-segmented, and niche
22.undifferentiated targeting strategy - ANSWER a marketing approach that
views the market as one big market with no individual segments and thus
uses a single marketing mix
23.multi-segment targeting strategy - ANSWER a strategy that chooses two or
more well-defined market segments and develops a distinct marketing mix
for each
24.niche target market strategy - ANSWER concentrate on one marketing
segment
25.What are the different positioning bases? - ANSWER attributes, price, and
communication of value
26.attributes - ANSWER how a product or brand will be viewed or perceived
by the customer
27.price - ANSWER decision regarding how to price a product is important to
the overall brand and perception of the product
