MKT 3401 FINAL EXAM LEDET/ MKT 3401 AMANDA
LEDET FINAL 2025/2026 NEW!!
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
, 2. Shopping
3. Specialty
4. Unsought
What are the functions of packaging? - Ans contain and protect
promote
facilitate storage, use, and convenience
facilitate recycling
What is co-branding? - Ans the practice of marketing two or more brands together, on the
same package or promotion
What are UPC's? - Ans 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? - Ans price skimming, penetration pricing, status quo
What is supply chain management? - Ans 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? - Ans an operational strategy focused on creating inventory
velocity and operational flexibility simultaneously in the supply chain
What is supply chain orientation? - Ans a system of management practices that are consistent
with a "systems thinking" approach
LEDET FINAL 2025/2026 NEW!!
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
, 2. Shopping
3. Specialty
4. Unsought
What are the functions of packaging? - Ans contain and protect
promote
facilitate storage, use, and convenience
facilitate recycling
What is co-branding? - Ans the practice of marketing two or more brands together, on the
same package or promotion
What are UPC's? - Ans 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? - Ans price skimming, penetration pricing, status quo
What is supply chain management? - Ans 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? - Ans an operational strategy focused on creating inventory
velocity and operational flexibility simultaneously in the supply chain
What is supply chain orientation? - Ans a system of management practices that are consistent
with a "systems thinking" approach
