MKT 3401 LEDET FINAL EXAM – QUESTIONS AND
ANSWERS | VERIFIED AND WELL DETAILED
ANSWERS | PLUS RATIONALES | DOWNLOAD
AND PASS | LATEST EXAM UPDATE 2026/2027
Terms in this set (54)
market a group of buyers and sellers of a particular good
or service
market segment people or organizations with needs or wants and
the ability and willingness to buy
Market Segmentation a subgroup of people or organizations sharing one
or more characteristics that cause them to have
similar product needs
, What are the 4 basic criteria for a 1. Identifiable, 2. Accessibility, 3. Responsiveness, 4.
segmentation scheme to be Substantiality
successful?
What is identifiable? 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
What is accessibility? members of targeted segments must be reachable
with marketing mix
What is responsiveness? when the message being communicated to them is
done in a way that hits a responsive chord with the
customer
What is sustainability? customers make a financial difference on the
company and justifies the company's financial
resources and commitment
What are the 5 basis for segmenting Demographic, psychographic, geographic, benefit,
consumer markets? and usage-rate
What is the 80/20 principle? a principle holding that 20 percent of all customers
generate 80 percent of the demand
What are the 3 general strategies for Undifferentiated, multi-segmented, and niche
selecting target markets?
ANSWERS | VERIFIED AND WELL DETAILED
ANSWERS | PLUS RATIONALES | DOWNLOAD
AND PASS | LATEST EXAM UPDATE 2026/2027
Terms in this set (54)
market a group of buyers and sellers of a particular good
or service
market segment people or organizations with needs or wants and
the ability and willingness to buy
Market Segmentation a subgroup of people or organizations sharing one
or more characteristics that cause them to have
similar product needs
, What are the 4 basic criteria for a 1. Identifiable, 2. Accessibility, 3. Responsiveness, 4.
segmentation scheme to be Substantiality
successful?
What is identifiable? 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
What is accessibility? members of targeted segments must be reachable
with marketing mix
What is responsiveness? when the message being communicated to them is
done in a way that hits a responsive chord with the
customer
What is sustainability? customers make a financial difference on the
company and justifies the company's financial
resources and commitment
What are the 5 basis for segmenting Demographic, psychographic, geographic, benefit,
consumer markets? and usage-rate
What is the 80/20 principle? a principle holding that 20 percent of all customers
generate 80 percent of the demand
What are the 3 general strategies for Undifferentiated, multi-segmented, and niche
selecting target markets?
