MKT 3401 Final Exam Ledet Test Questions and Answers Rated A
a group of buyers and sellers of a particular good or
market
service
people or organizations with needs or wants and the abil-
market segment
ity and willingness to buy
a subgroup of people or organizations sharing one or
Market Segmentation more characteristics that cause them to have similar prod-
uct needs
What are the 4 basic criteria for a segmentation scheme 1. Identifiable, 2. Accessibility, 3. Responsiveness, 4. Sub-
to be successful? stantiality
Companies need to gather the proper data in order to
help identify their possible markets. This will give them
What is identifiable? info on the populations demographic, psychographic, ge-
ographic, and age of family members, marital status, and
whether or not there are children
members of targeted segments must be reachable with
What is accessibility?
marketing mix
when the message being communicated to them is done
What is responsiveness?
in a way that hits a responsive chord with the customer
customers make a financial ditterence on the company
What is sustainability? and justifies the company's financial resources and com-
mitment
Demographic, psychographic, geographic, benefit, and
What are the 5 basis for segmenting consumer markets?
usage-rate
a principle holding that 20 percent of all customers gen-
What is the 80/20 principle?
erate 80 percent of the demand
What are the 3 general strategies for selecting target
Unditterentiated, multi-segmented, and niche
markets?
1/6
, a marketing approach that views the market as one big
unditterentiated targeting strategy market with no individual segments and thus uses a single
marketing mix
a strategy that chooses two or more well-defined market
multi-segment targeting strategy
segments and develops a distinct marketing mix for each
niche target market strategy concentrate on one marketing segment
What are the ditterent positioning bases? attributes, price, and communication of value
how a product or brand will be viewed or perceived by the
attributes
customer
decision regarding how to price a product is important to
price
the overall brand and perception of the product
gives companies an opportunity to position their company
communication of value against the competition by using emotion to help per-
suade customers
1. Convenience
2. Shopping
What are the 4 types of consumer products?
3. Specialty
4. Unsought
contain and protect
promote
What are the functions of packaging?
facilitate storage, use, and convenience
facilitate recycling
the practice of marketing two or more brands together, on
What is co-branding?
the same package or promotion
a series of thick and thin vertical lines (bar codes) readable
What are UPC's? by computerized optical scanners that represent numbers
used to track products
What are the pricing strategies? price skimming, penetration pricing, status quo
What is supply chain management? 2/6
a group of buyers and sellers of a particular good or
market
service
people or organizations with needs or wants and the abil-
market segment
ity and willingness to buy
a subgroup of people or organizations sharing one or
Market Segmentation more characteristics that cause them to have similar prod-
uct needs
What are the 4 basic criteria for a segmentation scheme 1. Identifiable, 2. Accessibility, 3. Responsiveness, 4. Sub-
to be successful? stantiality
Companies need to gather the proper data in order to
help identify their possible markets. This will give them
What is identifiable? info on the populations demographic, psychographic, ge-
ographic, and age of family members, marital status, and
whether or not there are children
members of targeted segments must be reachable with
What is accessibility?
marketing mix
when the message being communicated to them is done
What is responsiveness?
in a way that hits a responsive chord with the customer
customers make a financial ditterence on the company
What is sustainability? and justifies the company's financial resources and com-
mitment
Demographic, psychographic, geographic, benefit, and
What are the 5 basis for segmenting consumer markets?
usage-rate
a principle holding that 20 percent of all customers gen-
What is the 80/20 principle?
erate 80 percent of the demand
What are the 3 general strategies for selecting target
Unditterentiated, multi-segmented, and niche
markets?
1/6
, a marketing approach that views the market as one big
unditterentiated targeting strategy market with no individual segments and thus uses a single
marketing mix
a strategy that chooses two or more well-defined market
multi-segment targeting strategy
segments and develops a distinct marketing mix for each
niche target market strategy concentrate on one marketing segment
What are the ditterent positioning bases? attributes, price, and communication of value
how a product or brand will be viewed or perceived by the
attributes
customer
decision regarding how to price a product is important to
price
the overall brand and perception of the product
gives companies an opportunity to position their company
communication of value against the competition by using emotion to help per-
suade customers
1. Convenience
2. Shopping
What are the 4 types of consumer products?
3. Specialty
4. Unsought
contain and protect
promote
What are the functions of packaging?
facilitate storage, use, and convenience
facilitate recycling
the practice of marketing two or more brands together, on
What is co-branding?
the same package or promotion
a series of thick and thin vertical lines (bar codes) readable
What are UPC's? by computerized optical scanners that represent numbers
used to track products
What are the pricing strategies? price skimming, penetration pricing, status quo
What is supply chain management? 2/6
