MKT 3401 FINAL EXAM QUESTIONS & ANSWERS
market - Answer -a group of buyers and sellers of a particular good or service
market segment - Answer -people or organizations with needs or wants and the ability
and willingness to buy
Market Segmentation - Answer -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 segmentation scheme to be successful? - Answer -1.
Identifiable, 2. Accessibility, 3. Responsiveness, 4. Substantiality
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
What is accessibility? - Answer -members of targeted segments must be reachable
with marketing mix
What is responsiveness? - Answer -when the message being communicated to them is
done in a way that hits a responsive chord with the customer
What is sustainability? - Answer -customers make a financial difference on the
company and justifies the company's financial resources and commitment
What are the 5 basis for segmenting consumer markets? - Answer -Demographic,
psychographic, geographic, benefit, and usage-rate
What is the 80/20 principle? - Answer -a principle holding that 20 percent of all
customers generate 80 percent of the demand
What are the 3 general strategies for selecting target markets? - Answer -
Undifferentiated, multi-segmented, and niche
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
multi-segment targeting strategy - Answer -a strategy that chooses two or more well-
defined market segments and develops a distinct marketing mix for each
niche target market strategy - Answer -concentrate on one marketing segment
, What are the different positioning bases? - Answer -attributes, price, and
communication of value
attributes - Answer -how a product or brand will be viewed or perceived by the
customer
price - Answer -decision regarding how to price a product is important to the overall
brand and perception of the product
communication of value - Answer -gives companies an opportunity to position their
company against the competition by using emotion to help persuade customers
What are the 4 types of consumer products? - Answer -1. Convenience
2. Shopping
3. Specialty
4. Unsought
What are the functions of packaging? - Answer -contain and protect
promote
facilitate storage, use, and convenience
facilitate recycling
What is co-branding? - Answer -the practice of marketing two or more brands together,
on the same package or promotion
What are UPC's? - Answer -a series of thick and thin vertical lines (bar codes) readable
by computerized optical scanners that represent numbers used to track products
What are the pricing strategies? - Answer -price skimming, penetration pricing, status
quo
What is supply chain management? - Answer -a management system that coordinates
and integrates all of the activities performed by supply chain members into a seamless
process, from the source to the point of consumption, resulting in enhanced customer
and economic value
What is supply chain agility? - Answer -an operational strategy focused on creating
inventory velocity and operational flexibility simultaneously in the supply chain
What is supply chain orientation? - Answer -a system of management practices that are
consistent with a "systems thinking" approach
What is 3D printing? - Answer -the creation of three dimensional objects via an additive
manufacturing (printing) technology that layers raw material into desired shapes
market - Answer -a group of buyers and sellers of a particular good or service
market segment - Answer -people or organizations with needs or wants and the ability
and willingness to buy
Market Segmentation - Answer -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 segmentation scheme to be successful? - Answer -1.
Identifiable, 2. Accessibility, 3. Responsiveness, 4. Substantiality
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
What is accessibility? - Answer -members of targeted segments must be reachable
with marketing mix
What is responsiveness? - Answer -when the message being communicated to them is
done in a way that hits a responsive chord with the customer
What is sustainability? - Answer -customers make a financial difference on the
company and justifies the company's financial resources and commitment
What are the 5 basis for segmenting consumer markets? - Answer -Demographic,
psychographic, geographic, benefit, and usage-rate
What is the 80/20 principle? - Answer -a principle holding that 20 percent of all
customers generate 80 percent of the demand
What are the 3 general strategies for selecting target markets? - Answer -
Undifferentiated, multi-segmented, and niche
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
multi-segment targeting strategy - Answer -a strategy that chooses two or more well-
defined market segments and develops a distinct marketing mix for each
niche target market strategy - Answer -concentrate on one marketing segment
, What are the different positioning bases? - Answer -attributes, price, and
communication of value
attributes - Answer -how a product or brand will be viewed or perceived by the
customer
price - Answer -decision regarding how to price a product is important to the overall
brand and perception of the product
communication of value - Answer -gives companies an opportunity to position their
company against the competition by using emotion to help persuade customers
What are the 4 types of consumer products? - Answer -1. Convenience
2. Shopping
3. Specialty
4. Unsought
What are the functions of packaging? - Answer -contain and protect
promote
facilitate storage, use, and convenience
facilitate recycling
What is co-branding? - Answer -the practice of marketing two or more brands together,
on the same package or promotion
What are UPC's? - Answer -a series of thick and thin vertical lines (bar codes) readable
by computerized optical scanners that represent numbers used to track products
What are the pricing strategies? - Answer -price skimming, penetration pricing, status
quo
What is supply chain management? - Answer -a management system that coordinates
and integrates all of the activities performed by supply chain members into a seamless
process, from the source to the point of consumption, resulting in enhanced customer
and economic value
What is supply chain agility? - Answer -an operational strategy focused on creating
inventory velocity and operational flexibility simultaneously in the supply chain
What is supply chain orientation? - Answer -a system of management practices that are
consistent with a "systems thinking" approach
What is 3D printing? - Answer -the creation of three dimensional objects via an additive
manufacturing (printing) technology that layers raw material into desired shapes
