MKT 3401 FINAL EXAM LEDET | LATEST 2025 UPDATE |
QUESTIONS AND ANSWERS | WITH COMPLETE
SOLUTION
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
QUESTIONS AND ANSWERS | WITH COMPLETE
SOLUTION
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
