Economics: Market Definition

Marketing = The management process of identifying, anticipating and satisfying consumer requirements profitably Integrated Marketing = A strategy aimed at unifying different marketing methods Market Research = The collection and analysis of data about a market Consumer-focused = Putting the issues that determine new sales, repeat sales and referral sales ahead of all other considerations

Sales Promotion = Increasing sales through discounts and offers Advertising = Informing consumers about products through media Pricing = Determining the optimal price for a product Distribution = Getting products to the right place at the right time

E-commerce = Trading goods and services over the internet Consumer-focused = Prioritizing consumer needs over product features Integrated Marketing = Combining different marketing methods for maximum impact Mass Marketing = Targeting a large audience with a single message

<p>Marketing Research = Providing data to inform business decisions Branding = Creating a unique identity for a product Packaging = Protecting and presenting products attractively After-sales Service = Building customer loyalty through support</p> Signup and view all the answers

<p>Online Marketing = Reaching customers through digital platforms Direct Marketing = Targeting individual customers with personalized messages One-to-One Marketing = Building relationships with individual customers Mass Marketing = Reaching a large audience with a single message</p> Signup and view all the answers

<p>Repeat Sales = Customers buying from a company again Referral Sales = Customers recommending a company to others New Sales = First-time customers making a purchase Customer Loyalty = Customers consistently returning to a company</p> Signup and view all the answers

<p>Economic definition = A collection of transactions of the same nature, occurring when potential sellers of a good or service are in contact with potential buyers of the good or service, and there is a means of exchange. Legal definition = A zone or situation in which trade can take place without any artificial restrictions on transactions. Business definition = A collection of selling opportunities. General definition = Any situation that brings buyers and sellers together for the purpose of exchange.</p> Signup and view all the answers

<p>Civic markets = Open-air and covered markets selling vegetables, fruits, food, and primary produce. Consumers markets = Retail markets and wholesale markets. Financial markets = Finance and insurance companies and other specialist financial institutions for long-term loans. Stock exchange market = For stock, share, securities, etc.</p> Signup and view all the answers

<p>Money and capital market = Commercial banks, central banks, etc. Commodity or future market = For sugar, coffee, and other primary materials. Financial markets = For short-term loans and currency exchange. Wholesale markets = Selling in large quantities to retailers.</p> Signup and view all the answers

<p>Economic definition = Requires a means of exchange. Legal definition = Has no artificial restrictions on transactions. Business definition = Involves selling opportunities. General definition = Occurs in overseas trade and e-commerce.</p> Signup and view all the answers

<p>Retail markets = Consumers markets. Financial markets = Wholesale markets. Wholesale markets = Consumers markets. Stock exchange market = Financial markets.</p> Signup and view all the answers

<p>Civic markets = Run by town or parish councils. Consumers markets = Selling in large quantities to retailers. Financial markets = Providing long-term loans. Stock exchange market = An example of a financial market.</p> Signup and view all the answers