MKT 3401 Ledet Final Exam Questions With Solutions

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MKT 3401 Ledet Final Exam
Questions With Solutions



People or organizations with needs or wants and the ability and willingness to buy

- correct-answer - market




A subgroup of people or organizations sharing one or more characteristics that

cause them to have similar product needs - correct-answer - market segment




The process of dividing a market into meaningful, relatively similar, and

identifiable segments or groups - correct-answer - market segmentation




4 basic criteria for a segmentation scheme to be useful - correct-answer - -

substantiality

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-identifiability and measurability

-accessibility

-responsiveness




segment must be large enough to warrant developing and maintaining a special

marketing mix - correct-answer - substantiality




segment must be identifiable and its size measurable - correct-answer -

identifiable and measurable




marketing mix must be reachable to members of targeted segments - correct-

answer - accessibility




segment need not be treated separately unless it respond differently to a

marketing mix - correct-answer - responsiveness

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what are the 5 bases for segmenting CONSUMER markets - correct-answer - -

geography

-demographics

-psychographics

-benefits sought

-usage rate




a principle holding that 20 percent of all customers generate 80 percent of the

demand - correct-answer - 80/20 principle




a marketing approach that views the market as one big market with no individual

segments and thus uses a single marketing mix - correct-answer -

undifferentiated targeting strategy