MKT 3401 FINAL LEDET QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2025/2026
market - Answers people or organizations with needs or wants and the ability and willingness to
buy
market segment - Answers a subgroup of people or organizations sharing one or more
characteristics that cause them to have similar product needs
Market Segmentation - Answers the process of dividing a market into meaningful, relatively
similar, and identifiable segments or groups
What are the 4 basic criteria for a segmentation scheme to be successful? - Answers 1.
Identifiability and measurability , 2. Accessibility, 3. Responsiveness, 4. Substantiality
What is identifiable? - Answers Identifiable and their size measurable (ex. population within
geographic boundaries)
What is accessibility? - Answers members of targeted segments must be reachable with
marketing mix
What is responsiveness? - Answers when the message being communicated to them is done in
a way that hits a responsive chord with the customer
What is sustainability? - Answers Must be large enough to warrant developing and maintaining a
special marketing mix
What are the 5 basis for segmenting consumer markets? - Answers Demographic,
psychographic, geographic, benefit, and usage-rate
What is the 80/20 principle? - Answers 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? - Answers Undifferentiated, multi
-segmented, and concentrated (niche)
undifferentiated targeting strategy - Answers 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 - Answers a strategy that chooses two or more well-defined
market segments and develops a distinct marketing mix for each
niche target market strategy - Answers concentrate on one marketing segment
What are the different positioning bases? - Answers attributes, price, and communication of
value
attributes - Answers how a product or brand will be viewed or perceived by the customer
, price - Answers decision regarding how to price a product is important to the overall brand and
perception of the product
communication of value - Answers 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? - Answers 1. Convenience
2. Shopping
3. Specialty
4. Unsought
planned oblescence - Answers the practice of modifying products so those that have already
been sold become obsolete before they actually need replacement
What are the functions of packaging? - Answers contain and protect
promote
facilitate storage, use, and convenience of products
facilitate recycling
What is co-branding? - Answers the practice of marketing two or more brands together, on the
same package or promotion
What are UPC's? - Answers 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? - Answers price skimming, penetration pricing, status quo
What is a supply chain? - Answers the connected chain of all of the business entities, both
internal and external to the company, that perform or support the logistics function
What is supply chain management? - Answers 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? - Answers an operational strategy focused on creating inventory
velocity and operational flexibility simultaneously in the supply chain
What is supply chain orientation? - Answers a system of management practices that are
consistent with a "systems thinking" approach
What is 3D printing? - Answers the creation of three dimensional objects via an additive
market - Answers people or organizations with needs or wants and the ability and willingness to
buy
market segment - Answers a subgroup of people or organizations sharing one or more
characteristics that cause them to have similar product needs
Market Segmentation - Answers the process of dividing a market into meaningful, relatively
similar, and identifiable segments or groups
What are the 4 basic criteria for a segmentation scheme to be successful? - Answers 1.
Identifiability and measurability , 2. Accessibility, 3. Responsiveness, 4. Substantiality
What is identifiable? - Answers Identifiable and their size measurable (ex. population within
geographic boundaries)
What is accessibility? - Answers members of targeted segments must be reachable with
marketing mix
What is responsiveness? - Answers when the message being communicated to them is done in
a way that hits a responsive chord with the customer
What is sustainability? - Answers Must be large enough to warrant developing and maintaining a
special marketing mix
What are the 5 basis for segmenting consumer markets? - Answers Demographic,
psychographic, geographic, benefit, and usage-rate
What is the 80/20 principle? - Answers 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? - Answers Undifferentiated, multi
-segmented, and concentrated (niche)
undifferentiated targeting strategy - Answers 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 - Answers a strategy that chooses two or more well-defined
market segments and develops a distinct marketing mix for each
niche target market strategy - Answers concentrate on one marketing segment
What are the different positioning bases? - Answers attributes, price, and communication of
value
attributes - Answers how a product or brand will be viewed or perceived by the customer
, price - Answers decision regarding how to price a product is important to the overall brand and
perception of the product
communication of value - Answers 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? - Answers 1. Convenience
2. Shopping
3. Specialty
4. Unsought
planned oblescence - Answers the practice of modifying products so those that have already
been sold become obsolete before they actually need replacement
What are the functions of packaging? - Answers contain and protect
promote
facilitate storage, use, and convenience of products
facilitate recycling
What is co-branding? - Answers the practice of marketing two or more brands together, on the
same package or promotion
What are UPC's? - Answers 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? - Answers price skimming, penetration pricing, status quo
What is a supply chain? - Answers the connected chain of all of the business entities, both
internal and external to the company, that perform or support the logistics function
What is supply chain management? - Answers 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? - Answers an operational strategy focused on creating inventory
velocity and operational flexibility simultaneously in the supply chain
What is supply chain orientation? - Answers a system of management practices that are
consistent with a "systems thinking" approach
What is 3D printing? - Answers the creation of three dimensional objects via an additive
