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MKT 3401 Final Exam Ledet Questions And Answers 2024/2025 Update
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MKT 3401 Final Exam Ledet Questions And Answers 2024/2025 Update
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MKT 3401 Final Exam Ledet QuestionsAnd Answers 2024/2025 Update
market ANS✔✔ a group of buyers and sellers of a particular good or service
market segment ANS✔✔ people or organizations with needs or wants and the ability and willingness to
buy
Market Segmentation ANS✔✔ 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? ANS✔✔ 1. Identifiable, 2.
Accessibility, 3. Responsiveness, 4. Substantiality
What is identifiable? ANS✔✔ 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? ANS✔✔ members of targeted segments must be reachable with marketing 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 justifies the
company's financial resources and commitment
, What are the 5 basis for segmenting 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 selecting target markets? ANS✔✔ Undifferentiated, multi-
segmented, and niche
undifferentiated targeting strategy ANS✔✔ 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 ANS✔✔ a strategy that chooses two or more well-defined market
segments and develops a distinct marketing mix for each
niche target market strategy ANS✔✔ concentrate on one marketing segment
What are the different positioning bases? ANS✔✔ attributes, price, and communication of value
attributes 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
perception of the product
communication of value ANS✔✔ 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? ANS✔✔ 1. Convenience
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