Podcast
Questions and Answers
Which of the following best defines a market?
Which of the following best defines a market?
- A place where buyers and sellers meet to exchange goods and services (correct)
- A place where buyers and sellers negotiate prices
- A place where buyers and sellers interact through intermediaries
- A place where buyers and sellers barter goods and services
What determines the price in a market?
What determines the price in a market?
- The negotiation skills of buyers and sellers
- The forces of supply and demand (correct)
- The availability of intermediaries
- The location of the market
What is the function of a market?
What is the function of a market?
- To provide a platform for advertising products
- To regulate the supply and demand of goods and services
- To facilitate exchange between buyers and sellers (correct)
- To set fixed prices for goods and services
Market means a place where ______ and seller meets together in order to carry on transactions of goods and services.
Market means a place where ______ and seller meets together in order to carry on transactions of goods and services.
What is meant by the term 'market' in the context of economics?
What is meant by the term 'market' in the context of economics?
It is a medium that allows ______ and sellers of a specific good or service to interact in order to facilitate an exchange.
It is a medium that allows ______ and sellers of a specific good or service to interact in order to facilitate an exchange.
The price that individuals pay during the transaction may be determined by a number of factors, but price is often determined by the forces of ______ and demand.
The price that individuals pay during the transaction may be determined by a number of factors, but price is often determined by the forces of ______ and demand.
It also may an actual or nominal place where forces of demand and ______ operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter.
It also may an actual or nominal place where forces of demand and ______ operate, and where buyers and sellers interact (directly or through intermediaries) to trade goods, services, or contracts or instruments, for money or barter.
The exchange marketing concept focuses on the exchange of a product between ______ and seller
The exchange marketing concept focuses on the exchange of a product between ______ and seller
The production concept aims at achieving profit through high production efficiency at low cost and wide scale ______.
The production concept aims at achieving profit through high production efficiency at low cost and wide scale ______.
The product concept holds the belief that consumers will prefer those products that are high in quality performance and are ______.
The product concept holds the belief that consumers will prefer those products that are high in quality performance and are ______.
The selling concept focuses on aggressive selling and promotion activities to ______ the product.
The selling concept focuses on aggressive selling and promotion activities to ______ the product.
Marketers focus on selling what is made rather than making what can be ______.
Marketers focus on selling what is made rather than making what can be ______.
Flashcards
Market Definition
Market Definition
A place where buyers and sellers interact to exchange goods and services.
Market Price Determination
Market Price Determination
Price is largely determined by supply and demand forces.
Market Function
Market Function
Facilitates exchange between buyers and sellers.
Market Participants
Market Participants
Buyers and sellers engage in transactions.
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Economic Market
Economic Market
An economic place where buyers and sellers trade goods, services, contracts, or instruments.
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Exchange Marketing
Exchange Marketing
Focuses on the product exchange between buyers and sellers.
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Production Concept
Production Concept
Aims for high efficiency, low costs, and broad distribution.
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Product Concept
Product Concept
Focuses on high quality, performance, and innovation.
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Selling Concept
Selling Concept
Uses aggressive selling & promotion to boost product sales.
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Marketing Focus (Making vs. Selling)
Marketing Focus (Making vs. Selling)
Should prioritize creating what customers will want (making) over selling what was made.
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Supply and Demand
Supply and Demand
The forces that influence market prices.
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Market Concept
- A market is a place where buyers and sellers interact to facilitate exchanges of goods and services.
- The price of a transaction is often determined by the forces of supply and demand.
Types of Marketing Concepts
Exchange Concept
- Focuses on the exchange of products between buyers and sellers.
- The central idea of marketing revolves around this exchange.
Production Concept
- Emphasizes the importance of high production efficiency at low cost and wide scale distribution.
- Believes that consumers will prefer products that are widely available and inexpensive.
Product Concept
- Holds that consumers will prefer products that are high in quality, performance, and innovation.
- Focuses on making superior products and improving them to match with market demands.
Selling Concept
- Focuses on aggressive selling and promotion activities to push products.
- Prioritizes selling what is made rather than making what can be sold.
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