MKT 3401 Final Exam Ledet | Questions with 100% Correct Answers| 2024/2025 Verified

What are the 4 basic criteria for a segmentation scheme to be successful? - 1. Identifiable, 2. Accessibility, 3. Responsiveness, 4. Substantiality 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 consumer markets? - Demographic, psychographic, geographic, benefit, and usage-rate What is the 80/20 principle? - a principle holding that 20 percent of all customers generate 80 percent of the demand