MKT 3401 Final Exam Ledet/ MKT 3401 Amanda Ledet
Final 2025/2026 NEW!!
market - Ans a group of buyers and sellers of a par cular good or service
market segment - Ans people or organiza ons with needs or wants and the ability and
willingness to buy
Market Segmenta on - Ans a subgroup of people or organiza ons sharing one or more
characteris cs that cause them to have similar product needs
What are the 4 basic criteria for a segmenta on scheme to be successful? - Ans 1. Iden fiable,
2. Accessibility, 3. Responsiveness, 4. Substan ality
What is iden fiable? - Ans Companies need to gather the proper data in order to help iden fy
their possible markets. This will give them info on the popula ons demographic, psychographic,
geographic, and age of family members, marital status, and whether or not there are children
What is accessibility? - Ans members of targeted segments must be reachable with marke ng
mix
What is responsiveness? - Ans when the message being communicated to them is done in a
way that hits a responsive chord with the customer
What is sustainability? - Ans customers make a financial difference on the company and
jus fies the company's financial resources and commitment
,What are the 5 basis for segmen ng consumer markets? - Ans Demographic, psychographic,
geographic, benefit, and usage-rate
What is the 80/20 principle? - Ans a principle holding that 20 percent of all customers generate
80 percent of the demand
What are the 3 general strategies for selec ng target markets? - Ans Undifferen ated, mul -
segmented, and niche
undifferen ated targe ng strategy - Ans a marke ng approach that views the market as one
big market with no individual segments and thus uses a single marke ng mix
mul -segment targe ng strategy - Ans a strategy that chooses two or more well-defined
market segments and develops a dis nct marke ng mix for each
niche target market strategy - Ans concentrate on one marke ng segment
What are the different posi oning bases? - Ans a5ributes, price, and communica on of value
a5ributes - Ans how a product or brand will be viewed or perceived by the customer
price - Ans decision regarding how to price a product is important to the overall brand and
percep on of the product
communica on of value - Ans gives companies an opportunity to posi on their company
against the compe on by using emo on to help persuade customers
What are the 4 types of consumer products? - Ans 1. Convenience
, 2. Shopping
3. Specialty
4. Unsought
What are the func ons of packaging? - Ans contain and protect
promote
facilitate storage, use, and convenience
facilitate recycling
What is co-branding? - Ans the prac ce of marke ng two or more brands together, on the
same package or promo on
What are UPC's? - Ans a series of thick and thin ver cal lines (bar codes) readable by
computerized op cal scanners that represent numbers used to track products
What are the pricing strategies? - Ans price skimming, penetra on pricing, status quo
What is supply chain management? - Ans a management system that coordinates and
integrates all of the ac vi es performed by supply chain members into a seamless process, from
the source to the point of consump on, resul ng in enhanced customer and economic value
What is supply chain agility? - Ans an opera onal strategy focused on crea ng inventory
velocity and opera onal flexibility simultaneously in the supply chain
What is supply chain orienta on? - Ans a system of management prac ces that are consistent
with a "systems thinking" approach
Final 2025/2026 NEW!!
market - Ans a group of buyers and sellers of a par cular good or service
market segment - Ans people or organiza ons with needs or wants and the ability and
willingness to buy
Market Segmenta on - Ans a subgroup of people or organiza ons sharing one or more
characteris cs that cause them to have similar product needs
What are the 4 basic criteria for a segmenta on scheme to be successful? - Ans 1. Iden fiable,
2. Accessibility, 3. Responsiveness, 4. Substan ality
What is iden fiable? - Ans Companies need to gather the proper data in order to help iden fy
their possible markets. This will give them info on the popula ons demographic, psychographic,
geographic, and age of family members, marital status, and whether or not there are children
What is accessibility? - Ans members of targeted segments must be reachable with marke ng
mix
What is responsiveness? - Ans when the message being communicated to them is done in a
way that hits a responsive chord with the customer
What is sustainability? - Ans customers make a financial difference on the company and
jus fies the company's financial resources and commitment
,What are the 5 basis for segmen ng consumer markets? - Ans Demographic, psychographic,
geographic, benefit, and usage-rate
What is the 80/20 principle? - Ans a principle holding that 20 percent of all customers generate
80 percent of the demand
What are the 3 general strategies for selec ng target markets? - Ans Undifferen ated, mul -
segmented, and niche
undifferen ated targe ng strategy - Ans a marke ng approach that views the market as one
big market with no individual segments and thus uses a single marke ng mix
mul -segment targe ng strategy - Ans a strategy that chooses two or more well-defined
market segments and develops a dis nct marke ng mix for each
niche target market strategy - Ans concentrate on one marke ng segment
What are the different posi oning bases? - Ans a5ributes, price, and communica on of value
a5ributes - Ans how a product or brand will be viewed or perceived by the customer
price - Ans decision regarding how to price a product is important to the overall brand and
percep on of the product
communica on of value - Ans gives companies an opportunity to posi on their company
against the compe on by using emo on to help persuade customers
What are the 4 types of consumer products? - Ans 1. Convenience
, 2. Shopping
3. Specialty
4. Unsought
What are the func ons of packaging? - Ans contain and protect
promote
facilitate storage, use, and convenience
facilitate recycling
What is co-branding? - Ans the prac ce of marke ng two or more brands together, on the
same package or promo on
What are UPC's? - Ans a series of thick and thin ver cal lines (bar codes) readable by
computerized op cal scanners that represent numbers used to track products
What are the pricing strategies? - Ans price skimming, penetra on pricing, status quo
What is supply chain management? - Ans a management system that coordinates and
integrates all of the ac vi es performed by supply chain members into a seamless process, from
the source to the point of consump on, resul ng in enhanced customer and economic value
What is supply chain agility? - Ans an opera onal strategy focused on crea ng inventory
velocity and opera onal flexibility simultaneously in the supply chain
What is supply chain orienta on? - Ans a system of management prac ces that are consistent
with a "systems thinking" approach
