13 Questions
Which of the following best defines a market?
A place where buyers and sellers meet to exchange goods and services
What determines the price in a market?
The forces of supply and demand
What is the function of a market?
To facilitate exchange between buyers and sellers
Market means a place where ______ and seller meets together in order to carry on transactions of goods and services.
buyer
What is meant by the term 'market' in the context of economics?
A place where buyers and sellers interact to trade goods and services
It is a medium that allows ______ and sellers of a specific good or service to interact in order to facilitate an exchange.
buyers
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.
supply
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.
supply
The exchange marketing concept focuses on the exchange of a product between ______ and seller
buyer
The production concept aims at achieving profit through high production efficiency at low cost and wide scale ______.
distribution
The product concept holds the belief that consumers will prefer those products that are high in quality performance and are ______.
innovative
The selling concept focuses on aggressive selling and promotion activities to ______ the product.
push
Marketers focus on selling what is made rather than making what can be ______.
sold
Study Notes
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.
Test your knowledge of markets and their role in facilitating the exchange of goods and services. Explore the concepts of supply and demand and learn how prices are determined in this interactive quiz.
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